A distribution warehouse at Enterprise Park, Sherburn-in-Elmet has changed hands for £14 million.

The 400,000 sq ft property, which is let to logistics group Eddie Stobart, was sold by property advisers GVA Grimley acting for German owners IBI Real Estate.

A GVA Grimley spokesman would say no more about the buyer than that it was "a private investment company."

But it is understood that the company is Yorkshire-based and part of the property portfolio of a wealthy family.

Eddie Stobart has 17 years of a 20-year lease to go, with the benefit of a break after 15 years.

The company will continue to use the distribution unit as a key feature of its northern logistical network, about 500 of its lorries offloading and onloading at the warehouse each day.

GVA Grimley is one of the biggest property advisers in the UK with more than 1,000 staff in ten offices and with fee income of £71 million. In Yorkshire it has 65 experts in all sectors of the property market.

Updated: 09:34 Tuesday, November 25, 2003