On behalf of Dalton Lane Properties we have sold Foundry Park, Dalton Lane, Keighley, BD21 4LG, a new build industrial investment, to Malco Holdings represented by Eddisons for £4.1 million showing a net initial yield of 5.8%.
The property comprises a new build warehouse totalling 3,650 sq.m (39,289 sq.ft) on a 0.85Ha (2.1 acre) site. Whilst it is currently being occupied as one property, it was constructed as two semi-detached units so the building is capable of future subdivision.
The property is let to Platinum Stairlifts on a 15 year unbroken lease at a rent of £253,500 pax (£6.45 psf). Rent reviews are 5 yearly to the higher of OMV or RPI. The tenants are a Keighley based manufacturer who were seeking a new facility to consolidate their multi-site operation into.
This was an excellent result for all parties. Dalton Lane Properties speculatively developed an excellent product based on the strength of the Keighley industrial market. Platinum Stairlifts secured a new facility retaining over 200 jobs within Keighley and because of their investment in the building, were prepared to commit to a long term lease. Malco Holdings secured an excellent investment with guaranteed growth.