Paloma Capital buys Dearne Mills
Paloma Capital has acquired the 400,000 sq ft Dearne Mills Distribution Centre in Barnsley from an LPA receiver for £11.6m, reflecting a net initial yield of 8.7%.
It is split into seven units and tenants include Jack Fulton Foods, One Below Retail and Buy it Direct.
Passing rents range from £2.50/sq ft up to £3.85/ sq ft, and there is one vacant unit of 65,000 sq ft which will be refurbished and leased. Carter Towler and Knight Frank have been appointed as letting agents.
Paloma plans to carry out upgrade works across the park and to relaunch it with a new name in the autumn.
Joe Froud co-founder of Paloma Capital said: “Our existing estates in Sheffield, Wakefield and Bradford are performing extremely well and we are really pleased to have been able to add another significant Yorkshire warehouse asset. The vendor set a very challenging completion timetable and chose our offer due to our discretionary capital and long track record of acquiring similar assets”.
Gerald Eve and Carter Towler advised Paloma and Cushman & Wakefield advised the seller.