Commercial Property
Development & Investment
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North West based property investment and development company, Patrick Properties has acquired a 220,000 sq ft from BMW Pension Fund distribution unit in Europort in Wakefield for £10.6 million, reflecting a net initial yield of 8.4%.
The building is let to the Royal Mail with a further 11 years remaining on its existing lease. Andrew Dickman, Managing Director of Patrick Properties, comments: “This is a real coup for us as not only is the Royal Mail a strong covenant – particularly following the recent announcements of its rise in profits – but also because it is situated in one of the most sought after locations in Yorkshire and is an exceptional building. We intend to work closely with the Royal Mail to enhance the building and ultimately, add further value to the asset.”
Knight Frank acted on behalf of BMW Pension Fund.
