Henderson Park pays £54m for UK tri-modal logistics project
Private equity firm Henderson Park is acquiring a 136-acre tri-modal logistics development site in UK county North Yorkshire in a £54 million off-market deal with Harworth Group.
The acquisition has been undertaken as a joint venture with developer Cole Waterhouse which is managing the acquisition, development and leasing of the site.
The JV company is known as HPREF I Konect Investments SARL.
The former Kellingley colliery site, at Selby near Wakefield, has outline consent for 1.4 million sq ft of logistics space and Henderson Park expects to develop seven units ranging in size from 40,000 to 735,000 sq ft.
The site has already been prepared for construction and work is due to commence in April 2022. The first units will ready for occupation by spring 2023.
Site has road, rail and canal access
Henderson Park said the development is the country’s only inland distribution park which will provide tri-modal connectivity to the UK and continental Europe via road, water or rail. While the UK’s four major container ports are all within a four hour drive via the M62 and A1 (M) motorways, onsite access to the Aire & Calder canal waterway provides potential freight links to the Leeds and Humber ports.
Direct access to the Strategic Freight Network provides rail connection and there are sidings that cater for trains up to 640 metres long.
The wider masterplan for the land surrounding the site also includes the Southmoor Energy Centre, offering a potential supply of low carbon energy to the estate in the future.
Completion of the deal is subject to the outcome of a “reserved matters” planning application, although the original consent was granted in 2019.
“Amidst the broader fundamentals of the UK logistics sector, we like the dynamics of the Yorkshire submarket, and believe this strategically located site is optimally placed to deliver much needed capacity into the local market,” said Henderson Park managing director Christophe Kuhbier.
The joint venture was advised on this transaction by Metis Real Estate and Addleshaw Goddard.
Earlier this week, Harworth itself announced that it is to undertake a large-scale industrial/logistics development on a 107 acre (43 hectare) site in UK county Northamptonshire.
