Blue Marble Asset Management (Blue Marble) has acquired a 67,000 sqft prime distribution unit in Goldthorpe, near Doncaster, South Yorkshire in an off-market deal.
Acting on behalf of Pemberstone, Tim Matthews, Chief Executive of Birmingham-based real estate asset management company Blue Marble, acquired the freehold of the unit at Droves Dale Road, Goldthorpe S63 9EU, from an unnamed vendor, at a price of just under £4m reflecting a net initial yield of 7.1%. Blue Marble advised Pemberstone while Nick Wales of the Sheffield office of Knight Frank acted for the vendor who commented “the sale was executed in accordance with my clients’ business plan and represents a great result for both them and their investors.”
The property comprises a high quality distribution unit with 10m eaves and multiple dock level and level access loading together with a large (up to 45m) yard and separate trailer parking area.
The unit is let to the UK division of Portwest Clothing Limited which manufactures and distributes workwear clothing on a national basis.
Mr Matthews says: “with high quality well let industrial investments being in very high demand throughout the country, we are delighted to have secured this excellent investment which will make a complimentary addition to our client’s portfolio. We were able to provide comfort to the vendor that we are able to perform quickly and secured the purchase within 6 weeks of the beginning of the year.
We remain on the lookout for more similar investments as our clients are targeting significant growth of its portfolio over the next few years.”