Tuesday, March 2, 2021

News: Large industrial unit in Rotherham sold


With a new occupier following years of being vacant, a large industrial unit in Rotherham has now been acquired by a property investment company.

Rothbiz reported last year that Carlton Forest Group (CFG), a warehousing, distribution and logistics provider based in North Nottinghamshire, had signed up to take on the "Rotherham 125" property at Maltby.

The former Wincanton depot on Rotherham Road previously operated as a chilled distribution centre for retailers such as Sainsbury's and Tesco. It had been vacant for over ten years with the landlords struggling to find a tenant for B8 distribution use, despite refurbishment.

Now Goodman, a global property group specialising in creating high quality logistics developments, has sold the 125,000 sq ft unit to Urban Logistics REIT plc, a property investment company, quoted on the AIM market of the London Stock Exchange. A REIT is a real estate investment trusts that own or finance income-producing real estate across a range of property sectors.

Urban Logistics recently announced the acquisition of six logistics assets for a total consideration of £27.8m.

The Rotherham unit went for £3.8m at a 10.8% Net Initial Yield. The site is let to Green Forest Solutions (the new name for The Carlton Forest Group LLP) for a term of five years through to 2025. The rent is £3.50 per sq ft.

Richard Moffitt, Chief Executive of Urban Logistics, said: "We are delighted with these new logistics assets which are perfectly positioned to deliver essential goods the "last mile" to customers and businesses in key conurbations.

"In line with our strategic focus, all of these assets are single-let properties servicing high quality logistics tenants."

Images: Goodman


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