Melburg buys 350,000 sq ft multi-let industrial asset in Yorkshire
Melburg Capital has snapped up a 350,000 sq ft multi-let industrial asset in Wakefield, West Yorkshire, Property Week can reveal.
Sirdar Business Park is a 16.5-acre site which was sold to Melburg by a private Yorkshire-based family office in an off-market deal. Sirdar Group, a knitting and yarn distributor, occupies 198,000 sq ft at the site, accounting for 55% of the estate by floor area. Sirdar has recently expanded its footprint to facilitate the continued growth of its Sirdar and Tilsatec brands and has occupied the site for more than 30 years.
The estate is fully occupied and let at an average rent of £2.45/sq ft. Melburg said it will “undertake a rolling refurbishment programme as well as several estate management initiatives and in so doing drive the rental tone”.
A spokesperson for Melburg added: “We continue to adopt a data-driven approach, selectively deploying equity into geographies and sectors where there is an acute supply-demand imbalance. The asset has a captive tenant base, lies within one mile of Junction 40 of the M1, within a location with a sub-3% vacancy rate, and was acquired at a 25% discount to residual land value.”
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