London based property investment and asset management company, Avignon Capital Limited, has completed the £2.2 million purchase of a manufacturing facility in Normanton.
The deal was concluded on behalf of Avignon Capital by Carter Towlerâs investment team for the 39,000 sq ft manufacturing site at Tyler Close.
The modern detached facility is located near the M62 on the A665 Pontefract Road and is currently let to global energy saving lighting manufacturer, Harvard Engineering.
Director at Carter Towler, David Towler, commented: This has been a particularly satisfying deal to be involved with, our client Avignon Capital has acquired a very good industrial investment property with an excellent tenant.
He added that the price they paid for the site, along with the annual income and 8.5% net of costs return makes for a good deal given the current trading conditions.
Harvard Engineering is currently five years into its 15 year lease on the property.
Avignon Capital Investment Manager, Louis Duffield, said that the company is continuing to grow its UK portfolio and recognises new acquisition opportunities.
Duffield continued: Tyler Close was attractive to us as the property is in a strong industrial location, which is also benefiting from further development.
It is a large, high quality, recently refurbished industrial warehouse and office facility which is being put to great use by an innovative manufacturing tenant; we are delighted with the purchase.
Last month, Carter Towler completed its 30 month project on an industrial park project in Middlesbrough.
Since it was appointed by client Bawnmeadows Properties three years ago, the company has systematically iupgraded its entire 15,492 sq ft freehold Murdock Road site at the Skippers Lane Industrial Estate in Middlesbrough.
On the outside, the estate has been fully refurbished, along with additional improvements including security gates and fencing, and monthly maintenance services are also being provided.