HARRIS LAMB OVERSEES ROTHERHAM SALE AND LEASEBACK DEAL FOR MORE THAN £2M
Harris Lamb has sold a Rotherham warehouse for more than £2 million in a sale and leaseback deal to investment and development specialists Network Space.
The business’ Investment team provided insight and advice to specialist healthcare equipment distributors Harvest Healthcare Limited in respect to its 36,000 sq ft headquarters, Sheaf House, on Bradmarsh Business Park.
Andy Groves, of Harris Lamb’s Investment team, said: “We were able to provide the business with advice and recommendations on a sale and leaseback of Sheaf House, in relation to lease terms, rent and achievable sales prices, and subsequently we were instructed to place the building on the investment market.”
Having set a market price of £1.9m, representing a yield of 8.1 per cent, with a five-year lease to Harvest Healthcare, the business reported strong interest generated from a wide range of investors, property companies and high net worth individuals, who were then invited to submit best and final bids for the property.
Further to multiple bids, a sale was agreed with Network Space for a sum in excess of £2 million.
Andy added: “We are delighted with the level of interest generated on this investment opportunity and the subsequent outcome for our client.
“In spite of the current wider economic uncertainties, investor appetite for good quality industrial stock remains extremely robust and shows no signs of cooling off, and sale and leaseback deals of this kind represent an extremely attractive opportunity.”
Formerly Langtree, the rebranded Network Space was established in 1982 and directly owns and manages an investment portfolio of over 3 million sq ft of modern industrial and office developments across 60 locations with a combined value of over £130 million, the majority of which has been self-developed.
The company continues to bring forward for development its directly owned land bank of over 1,000 acres.
Commercial Property Partners advised Network Space.