Leeds property consultancy sells “prime” industrial units for £10m

A Leeds property consultancy has sold three industrial units to three separate tenants in a £9.97m deal.

The sale was negotiated by the investment team at Leeds property consultancy, Gent Visick (GV), acting on behalf of Town Centre Securities PLC (TCS), the property investment, development, hotel and car parking company.

The units at Waterside Business Park in Stourton, near Leeds, have been acquired by Clearbell, the privately-owned real estate fund management and advisory business. Clearbell was advised by DTRE and the acquisition reflects a net initial yield of 4.49 per cent.

The three detached buildings all comprise steel portal framed warehouse units with ancillary two storey office areas. Unit 2 covers 19,629 sq ft and is occupied by parcel distribution firm, SW Group Logistics. Unit 3 measures 24,597 sq ft and is let to vehicle rescue and recovery specialist, DH Mansfield Ltd. At 32,933 sq ft, unit 6 is the largest unit and is a food grade facility occupied by Elleron Consulting Limited.

Garry Howes, director of investment at GV, said: “This was a rare chance to acquire a prime, multi-let industrial estate in an established and popular industrial location and the level of interest from investors was extremely high.

“This is a particularly good result for our client given that the asset has more than doubled in price since we led the acquisition of the site seven years ago on behalf of TCS.

“This reinforces the current strength of the industrial investment market and the amount of capital that is ready to be deployed for high quality opportunities in good locations.”

GV is a leading property consultancy providing support during acquisitions, sales, lettings and investment transactions, with offices in Leeds and London. Its services include industrial agency, building surveying and project management, investment, and lease advisory and asset management.