Keighley Industrial Investment Acquired
Acting on behalf of Malco Holdings, Eddisons have acquired Foundry Park, Dalton Lane, Keighley, BD21 4LG, a new build industrial investment, from Dalton Lane Properties who were represented by Brackenridge Hanson Tate. The investment was acquired for £4.1 million showing a net initial yield of 5.8%.
The property comprises a new build warehouse totalling 3,650 sq m (39,289 sq ft) on a 0.85Ha (2.1 acre) site. Whilst it is currently being occupied as one property, it was constructed as two semi-detached units, so the building is capable of future subdivision. The property is let to Platinum Stairlifts on a 15-year unbroken lease at a rent of £253,500 pax (£6.45 per sq ft). Rent reviews are every 5 years, to the higher of open market rent or linked to the Retail Prices Index.
The tenants are a Keighley based manufacturer who were seeking a new facility to consolidate their multi-site operation into. Platinum Stairlifts secured a new facility retaining over 200 jobs within Keighley and because of their investment in the building, were prepared to commit to a long-term lease.
Steve Hawkins, Partner at Eddisons commented “Dalton Lane Properties speculatively developed an excellent product based on the strength of the Keighley industrial market. Platinum Stairlifts secured a new facility retaining over 200 jobs within Keighley and because of their investment in the building, were prepared to commit to a long-term lease. Malco Holdings secured a great investment opportunity with guaranteed growth”.
For any press queries, please contact:
Richard Jones, Eddisons incorporating Barker Storey Matthews, 01733 897722, [email protected]