GVA, the UK’s largest independent commercial property consultancy, has sold White Rose Way in Doncaster to an overseas investor.
The Yorkshire office’s restructuring and recovery team, led by Andrew Foster, acted as Law of Property Act Receiver on the prominent out of town retail development.
The £20m sale price represents a net yield of 8.75%.
White Rose Way is let to home improvement and garden centre retailer B&Q and offers 109,000 sq ft of modern retail warehousing and a further 582 car parking spaces on an 11.57 acre site.
The site is let to B&Q for approximately a further 10 years and offers a yield of 8.75% rising to 10% in June 2018.
Mr Foster said: “This sale proves GVA’s expertise and track record in dealing with receivership and investment sales and is a fantastic start to 2014 for GVA’s Yorkshire office, continuing our positive momentum.”
Ben Hall, investment director at GVA, who marketed the development for sale, added: “There was substantial interest in White Rose Way and the sale to an overseas investor is indicative of the demand we are seeing for strong assets in quality locations.”
Chris Bampton, national investment director at Colliers International, who acted for the purchaser, added: “This warehouse is a dominant store for B&Q in the region and offers our client an attractive income yield.”