Orchard Street Investment Management (‘Orchard Street’), the specialist commercial property investment manager, announced that it has acquired the freehold of Woolley Edge Motorway Service Station (“Woolley Edge”) on the M1 motorway in Yorkshire for £35.1 million (approx. €44.2 million). The acquisition, which Orchard Street has made on behalf of St. James’s Place Property Unit Trust, reflects a net initial yield of 6.8%.
Woolley Edge is set on approximately 30 acres and provides two separate motorway service areas for the south and northbound carriageways with a gross internal area of 35,495 ft² (approx. 3.251 m²). The site is laid out to provide a large quantity of car, coach and lorry parking.
The service areas are built around a central pavilion and house outlets including M&S Simply Food (southbound), Costa Coffee, Burger King and WH Smith along with convenience facilities for motorists. Both sites include a BP petrol filling station and a Travelodge Hotel which provides 32 bedrooms and 41 bedrooms on the north and southbound sides respectively.
John Humberstone, Partner at Orchard Street, said: “Woolley Edge is located in a prime position on the northern section of M1. It already provides a strong index linked income stream and also offers attractive long term value prospects.”
Orchard Street was advised by Knight Frank; Cushman & Wakefield and Pyle Owen acted for the vendor.
Source: Orchard Street