A private investor has snapped up a prominent industrial site in Ossett for more than £2 million.
Olway Works on Healey Road was marketed by Leeds-based property consultancy on behalf of AV Ogden Holdings Limited. The sale reflects a 6.38% net initial yield.
The site covers five acres, with approximately 26,000 sq ft of buildings, close to the M1 and is let until 2031 to Sunbelt Rentals, which rebranded from A-Plant earlier this year.
“This transaction shows how resilient the industrial sector is and the high levels of demand that exist for high quality industrial investment opportunities that are let to strong tenants,” said Garry Howes, Director of Investment.
“This is underpinned further by a shortage of industrial premises that offer secure, surfaced open storage land in Yorkshire, which is particularly apparent in Ossett.
“The town has seen limited development over the past decade and currently has no new developments planned or in the pipeline in the short or medium term.”
Jim Ogden, of AV Ogden Holdings Limited, said: “We sold this site in what proved to be a set of rapidly-changing and uncertain market conditions, but the Gent Visick team were agile and adaptable throughout, and delivered a strong sale that exceeded our expectations.”
The purchaser was advised by Bromwich Hardy property consultants.