02 July 2021
Marston Business Park, Yorkshire sold for £8.6 million
London & Scottish Property Investment Management (LSPIM) has sold Marston Business Park in Tockwith, Yorkshire to an institutional investor for £8.6 million on behalf of Regional REIT. The disposal represents a 36.5% uplift from the acquisition price and a net initial yield of 7.2%.
The 171,155 sq ft multi-let industrial and business park is set in 41 acres and has 24 tenants.
Since acquiring the property, LSPIM has added value to the site through several asset management initiatives, the most recent of which was obtaining planning consent for the development of six individual plots totalling a floor area of 170,000 sq ft on 11.62 acres.
Marston Moor Business Park is one of the largest single-owned industrial estates in North Yorkshire and is built on the site of the former RAF Marston Moor air base, where aircrew on the Halifax heavy bomber were trained between 1942 and 1945.
Stephen Inglis, CEO of LSPIM, said: “This disposal is part of our previously announced portfolio reorganisation programme to dispose of our industrial properties that have met their individual asset plans. We shall recycle the capital into higher-yielding regional office properties.”