Kier Property have embarked upon a joint venture with Maple Grove Developments, and their partner Yorvale, to sell their Tri-Link140 industrial scheme in Normanton, near Wakefield in West Yorkshire, to the Huntingdonshire District Council for a figure that is yet to be disclosed.
The industrial scheme itself sits upon a six acre plot of land and offers 142,338sq ft of industrial and distributional space located just one minute away from junction 31 of the M62 motorway.
The Tri-Link140 development itself will include two storeys of office accommodation, 13 dock level loading doors, and 160 parking spaces that will all be within the centre of Wakefield’s Europort, providing direct access to the Europort Freight Terminal.
Kier Property’s Managing Director for the North, Tom Gilman stated: “Selling this scheme to Huntingdon District Council demonstrates our ability to offer quality products to the market with a long-term investment angle. This strategy continues to promote our ethos as a leading UK trader developer.”
In the sales process the vendors were represented by JLL while the Huntingdonshire District Council was represented by DTRE as the council acquired the scheme through their Commercial Investment Strategy which they began back in 2014 after being advised to spread investment risk by investing in a range of properties across different areas.
Through this strategy, the Huntingdonshire District Council has invested approximately £30M in a mix of industrial, retail, and office accommodation with another example of a development bought under it being the Rowley Arts Centre in St Neots.
Huntingdonshire District Council themselves added: “The Tri-Link 140 acquisition forms part of the District Council’s Commercial Investment Strategy and Business Plan. The primary aim of the strategy is to generate an income stream that supports and secures the delivery of Council services into the future.”
Within the industrial sector, Kier has developed an area totalling more than 6Msq ft through its Trade City and Logistics City brands and currently has a pipeline of £1.8Bn across all of its assets over the next decade.
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