Clearbell Capital’s fund Clearbell Property Partners III LP has sold a warehouse in Doncaster, the final assets from its Taurus portfolio, to AKA Dunedin for £32 million.
The 615,000 sq ft warehouse in Bawtry Park is well-positioned close to Doncaster, with links to the M18 and A1. The site is fully let, to Carlton Forest Group, a national logistics and distribution company, which occupies the whole unit.
The fund acquired Bawtry Park for £11m in May 2017 as part of the Taurus portfolio, with plans to relet the building in smaller parts, which was achieved by June 2021. In December 2021, Carlton Forest Group signed an overriding lease for the whole site, doubling the rental income.
Dominic Moore, Head of Asset Management and ESG Director at Clearbell Capital, said: “Investor appetite for large warehouses shows no signs of abating, as long-term structural changes like the rise of online shopping support the market. Occupiers continue to seek cost-effective industrial and logistics space that offers them the flexibility for both lease length and amount of space occupied.”
This follows the sale of two additional assets from the portfolio in the last 12 months. In March, the fund sold a 155,000 sq ft warehouse in Huddersfield for £8.425m to AKA Dunedin Ltd. Another 125,000 sq ft industrial site located in Huddersfield was sold to DG Asset Management in May 2021 for £7m. Following the sale of the Bawtry asset, the Taurus portfolio has been fully realised.
Clearbell was advised by M1 Agency. AKA Dunedin Ltd was advised by DTRE.