Acting on behalf of the joint Administrators of Shearings, SIA Group, the asset valuation and disposal experts successfully concluded the sale of the former Shearings coach interchanges at Stretton, Warrington and Mill Lane, Wakefield.

The record-breaking property deals were successfully negotiated by SIA Group. The former coach depots were owned by the holiday and coach travel company Shearings who were placed into administration in May 2020.

One of the UK’s largest privately-owned logistics companies acquired the 6.8 acre Wakefield site for £6.5m in what is by far the largest ever price paid per acre for industrial land in Yorkshire.

Matt Brumpton MRICS, Head of Property Disposals at SIA Group commented: “We are extremely pleased to have obtained a successful result for our client, EY. Our aim was to deliver the best possible value for our client and creditors and we have exceeded expectations. We received an unprecedented level of interest, hence the exceptional result. The previous record for an industrial land transaction in the region was £723,000 per acre and over £1m per acre was achieved on the net developable area. The site is a prime industrial redevelopment site which could be regarded in some ways as unique due to its location and the existing facilities.

The Covid-19 pandemic has served to accelerate the further growth of logistics and distribution operators which in turn has put the shortage of suitable industrial space into sharper focus.”

Both sites were developed by Shearings Holidays as coach depots in the early 1990s and were in use until the company entered administration.

The Mill Lane, Wakefield Europort property was comprised of a workshop and coach terminal building situated in the middle of a secure, surfaced site adjacent to the east bound exit of J31 on the M62.

The 7.28 acre Stretton property was comprised of a workshop and coach terminal building situated in the middle of a secure, surfaced site adjacent to the M6/M56. The site was sold for £5.5m, representing £755,000 per acre, one of the best prices ever achieved for an industrial site in the area.

Sam Woodward, EY commented: “SIA Group were proactive in all aspects of dealing with the property valuations and disposals. They ran an impressive and thorough sales process, maximising the returns to creditors. This was a tremendous result, with the sale demonstrating the demand that exists for good industrial sites in prime locations.”