Aberdeen Asset Management has sold 31,636 sq ft of offices fully let to ISG Construction Limited at Woodland Park in Cleckheaton, close to J26 of the M62 motorway to Aston Property Ventures for £4.9 million, representing a Net Initial Yield of 10.73%. CBRE’s Leeds Capital Markets team represented Aberdeen Asset Management and GVA acted for Aston Property Ventures.
Woodland Park comprises 4 modern, self-contained office buildings within a landscaped environment let to ISG Construction Limited for a further 12 years. Part of the accommodation has been sub-let to occupiers including Bibby Factors Yorkshire Ltd, MRC Transmark Ltd and Black Marble Ltd.
Alex Whiting, Senior Director of Capital Markets at CBRE Leeds, said;
“The out of town office investment market in Yorkshire has improved significantly in recent months and we received strong interest in the sale. Woodland Park offers good quality accommodation let to a recognised company in an established M62 corridor location”
Ben Hall, Director of GVA Leeds, who acted for the purchaser commented;
“We were delighted to have been involved in the acquisition, which offers a strong yield return to our client for a substantial unexpired term. The investment market continues to improve with this sector becoming more popular with investors. Aston Property Ventures are very happy with the acquisition.”