The former Delmonte warehouse at South Elmsall, near Wakefield, has been sold by LC Industrial for £1.95 million.
The purchaser is Barnsley-based Silkstone Finance Limited, whose sister company Ultima Furniture will use the 44,000 sq ft building for storage and distribution.
LC Industrial, a tie up between LRE Capital and Leeds-based business specialist Citivale, spent £290,000 on a comprehensive refurbishment of the building.
The price paid for the warehouse, situated in Stadium Way, South Elmsall, equates to £47.50 per sq ft.
Owen Holder, managing director of Holder & Co, who advised LC Industrial, commented: “It is a tribute to Citivale’s considered management strategy and quality refurbishment that they were able to secure an occupier. Ultima are a local company and this serves to further underline and increase their investment in this region.”
Peter Evans, associate director of Citivale, explained: “We saw this as an excellent opportunity to add value to the property by attracting a prestigious occupier – and this is exactly what has happened. The offices have been completely refurbished, whilst externally the cladding and windows have been professionally cleaned and all redundant lighting taken down.
“In addition, four new roller doors have been installed, whilst new roof lights have been installed and the roof itself coated. The car park has been pulled up and re-tarmacked and the warehouse redecorated,” he added. “The building was in a neglected state when we bought it, but it now looks fantastic.”
The property is approximately 10 miles between Doncaster and Wakefield and 10 miles south of Junction 33 of the M62 via the new A638 bypass and 10 miles north of Junction 2 of the M18.
Mr Evans commented: “Our collaboration with LC Industrial focussed on multi-let estates up to £10m in value is now paying dividends. This investment approach is capitalising on strong growth in the UK regional economy by buying secondary assets and repositioning them through comprehensive refurbishment, re-gearing leases and minimising voids. We have a strong pipeline of other deals too, including a number of off-market transactions.”
