Barnsdales secures purchase of last-mile warehouse in Thorne as logistics sector thrives
Published: 3rd August 2022
Barnsdales has recently completed the purchase of a modern ‘last-mile’ industrial warehouse investment in Thorne on behalf of a private client.
Acquired from Pigeon Investment Management, Barnsdales will also serve as managing agent for the property at 2-3 Island Drive, which was acquired off a 4.46% Net Initial Yield.
Sitting in a prime location of 1.64 acres next to the M18, the 27,589 sq ft unit benefits from immediate access to one of the UK’s most well-connected roads; the 26-mile passage stretches from Rotherham to Goole and is one of the nation’s core transport links.
Jason Barnsdale, managing director of Barnsdales, said:
“This is a great opportunity for Barnsdales and a testament to the resourcefulness of our growing team that we were able to secure the acquisition of this prime reversionary investment property for our client in a very competitive market.
“The COVID-19 pandemic really shook up the logistics sector, with up to 11.7 million parcels being delivered every day across the country. This shift has led to unmatched growth for urban and last-mile warehouses as companies try to keep up with surging demand.
“The Barnsdales property management team is also delighted to take on the management of the property.”
The property is let to Stuncroft Ltd: a men’s & ladies' clothing manufacturer of suits, jackets, trousers and coats, offering ready-to-wear, corporate wear and tailored wear services.
The sale was handled by M1 Agency and Freeths LLP acted for the seller with Penningtons Manches Cooper acting for the buyer.
The sale comes on the back of a record year for the Barnsdales group, with business growing by 14% in turnover through the last year, despite the global supply-chain impacts caused by the pandemic.