SOUTH AFRICAN INVESTOR ACQUIRES UNIT FOR £2.19M
26 June 2020
A West Yorkshire business park unit let earlier this year to prison services operator GEOAmey has been acquired by a South African investor for £2.19m.
Gregory Property Group has completed the investment sale of a 21,437 sq ft unit at its Park 32 industrial site in Pontefract to South African fund Leftfield Properties.
GEOAmey agreed a ten-year lease on the unit in April. From August 2020, the company will start a new ten-year contract to provide secure escorting and court custody services on behalf of the Ministry of Justice (MoJ) in England and Wales, and the Scottish Prison Service (SPS) and Criminal Justice Partners (CJPs) in Scotland.
Andrew Foggitt, of Gregory Property Group, said: "We are delighted to agree the investment sale of this unit which demonstrates continued confidence, not only in the UK logistics property sector, but also in Northern sites like Park 32 which provide a strong geographical hub with great access to the national motorway network. Indeed, this was a critical factor when securing our deal to let the unit to GEOAmey."
Blacks Solicitors acted for Gregory Property Group in the transaction.
Nick Dyson, head of commercial property and partner at Blacks, added: "It was a pleasure to work with Gregory Property Group and help them navigate this investment deal within such a tight timeframe. It's always promising to see the property market investing in high quality developments in well located industrial spaces, particularly in these challenging times."
Gerald Eve acted on behalf of Leftfield Properties whilst The Leeds offices of property advisory firms Carter Towler and Avison Young acted for Gregory Property Group.
Park 32 is a £15m, 150,000 sq ft industrial development close to Junction 32 of the M62 motorway. A 12,000 sq ft unit has already been sold to Specialist Tooling Technologies leaving two units of 35,000 sq ft and 83,500 sq ft available.