Lumina/Citivale Industrial acquires Humber Enterprise Park from BAE Systems

LC Industrial, the collaboration between Lumina Real Estate Capital and regional business space specialist Citivale, has acquired the 86-acre Humber Enterprise Park in Brough, East Yorkshire from BAE Systems for an undisclosed sum.

The park includes 1.3 million sq ft of office and industrial space, 20 acres of development land and benefits from Enterprise Zone and Assisted Area Status which offers significant incentives to attract new occupiers.

BAE Systems has signed new leases on its 555,000 sq ft premises at the site, which equates to a 40% tenancy of the built space.

Lumina Real Estate Capital and Citivale established LC Industrial in June with an initial investment fund of £50million and are swiftly building a portfolio of industrial assets.

Jeff Carson, senior associate at Lumina Real Estate Capital comments, “This is a fantastic business park with direct access to the M62 and established tenants including BAE Systems, Supercraft, Cablescan and East Riding of Yorkshire Council. We are looking to expand on the excellent work BAE Systems have so far committed in setting up Humber Enterprise Park and increasing the number of tenants on site. We are seeking to improve facilities for the benefit of existing and future tenants.”

James Appleton-Metcalfe, Managing Director of Citivale, adds, “This acquisition sits perfectly with our strategy of buying secondary assets and using our combined skills and expertise to reposition them through comprehensive refurbishment and development. We have some exciting and innovative plans for the site which I am absolutely positive will see the business park develop into one of the prime office and industrial locations within the Hull and East Riding region.“

Ken Mellis, Real Estate Manager for BAE Systems says: “BAE Systems is pleased to have concluded the deal with Lumina / Citivale. This represents a significant step forward in the development and future of the Humber Enterprise Park. Lumina & Citivale’s combined experience and funds will see progress on what is fast becoming the business park to locate to within the Humber region.“

PPH and Harris Lamb acted for BAE Systems, Lumina/Citivale were unrepresented.