Leeds site to become 'sustainable' industrial scheme with new joint venture
A joint venture has acquired a 11.14 acre site for a new ‘sustainable’ industrial development in West Yorkshire.
Industrial developer and asset manager Chancerygate and sustainable and impact investor Bridges Fund Management have acquired Triangle 45 on the East Leeds link road in Cross Green.
The firms plan to speculatively develop the site into 231,000 sq ft of sustainable industrial, trade and roadside space.
The two companies acquired the site for £6m from Halifax Estates and anticipate that, once complete, the proposed scheme will have a gross development value of around £31m. A planning application will be submitted to Leeds City Council within the next two months.
Chancerygate development manager, Chris Brown, commented: “We have a clear vision for Triangle 45 and are really excited about delivering our first ever development in Yorkshire.
“The connectivity and prominence of the site is of huge appeal to a range of different occupier types. We strongly believe there is latent demand from owner occupiers in Leeds so we expect our product to be extremely well received.”
Guy Bowden, partner at Bridges Fund Management, added: “We are delighted to partner with Chancerygate again for this exciting development in Leeds.
“The growth of ecommerce is driving strong demand for industrial units like these, and our experience of similar developments across the country has shown us that tenants are increasingly seeking out sustainability features that minimise emissions and reduce operating costs.
“We think this will make Triangle 45 an attractive proposition for owner-occupiers, which in turn will enable it to become an engine of job creation and economic growth for the local area.”
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