News

Date

12/01/2006

Doncaster Warehouse Sold within Weeks of Completion

Aspect, the third phase of the acclaimed West Moor Park development at Junction 4 of the M18 near Doncaster, has been bought for £6.735 million by IM Properties within eight weeks of completion.

The state-of-the-art property, which was a joint venture between Scarborough Development Group and Shepherd Developments, comprises a warehouse or production unit of about 123,000 sq ft, which includes 5,000 sq ft of offices.

The building was completed on schedule in October last year and was sold to the Warwickshire-based IM Properties within two weeks of viewing. They are now looking for a tenant.

Andrew Crowther, associate director of the Scarborough Development Group commented: "The growth and popularity of the location over the last few years has been a key factor in securing a sale so soon after practical completion".

"Our decision to build speculatively was based on our belief that SouthYorkshire will continue to build on its status as a recognised national distribution location, as well as the renewed emphasis from various distributors and retailers on the importance of the East coast ports."

Phase1 (190,000 sq ft) of West Moor Park was pre-let to the American company Fellowes and Phase 2, at 140,000 sq ft, is the largest speculative warehouse ever built in South Yorkshire. It was successfully sold to the Irish company Anglo Beef Processors and nominated in the IAS /OAS Awards for the best speculative industrial award in 2004.

West Moor Park is now nearly full and includes very large distribution units for IKEA and Next.

Richard Squire, the development manager of Shepherd Developments, commented: "The unprecedented success so far of West Moor Park, highlighted by the sale of Aspect, is a graphic illustration of the renaissance of the South Yorkshire region during the past five years. IM Properties have bought a prime property in a superb location."

The agents for Aspect were GVA Grimley and Jones Lang Lasalle.
Daniel Miller, Associate Director of Industrial at Jones Lang LaSalle in Leeds commented: "The sale of Aspect reflects both the quality of the building and the confidence of investors in both the building and location."
Kevin Ashfield of IM Properties said: "This property offered the opportunity to acquire a quality product in an undeniably proven location with local occupiers such as Next and Ikea.

He added: "Our acquisition of this building illustrates our belief in this prime distribution location. We are already in discussions with a number of interested parties and are confident of securing a tenant shortly."

Dixon Wimbush acted for IM Properties on the acquisition

For further information, please contact Robert Beaumont of Robert Beaumont Associates on 01423 323139.

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