The major property investor that bought around £4.5 million of an industrial park located in Leeds is also a known car park operator. The recently bought property was three units inside an industrial park and it has a freehold interests.
Town Centre Securities, property investor, bought the units from the Waterside Business Park which is a known multi let industrial estate located in Stourton and the owners were CBRE Investors’ clients. It is their first acquisition when it comes to industrial property over a period of years.
The acquisition came after the company revealed that Morrisons, which is leasing in the Merrion Centre in the city center of Leeds, is discussing plans of future expansions. The expansion is said to be around 10,000 square feet which is needed in order for the business premise to have a new layout.
The company went on to share that Merrion House will be providing pre-construction services for them which will be the starting point before the renovation and extension of the entire building. It will then be used by the Leeds City Council.
It was in Waterside Business Park were the three units were bought for around £4.48 million which give it a yield of 7.2%.
Other tenants there are European Stock Solutions Ltd, Daniels Chilled Foods Ltd and SW Group Logistics Ltd.
The total area of the industrial park is 77,400 square feet and is comprised of detached warehouse units.
According to Town Centre Securities, the estate is considered as a prime venue when it comes to industrial operations while the area is ideal for distribution. The place also provides good access when going to the motorway network.
Edward Ziff, the chief executive and the chairman, shared their delight in acquiring such units because they are the highest quality Waterside Business Park has to offer.
For some period of years, it is the company’s first acquisition in the industrial sector and it gives a good effect on their portfolio as it provides logic and diversity. The location of the site is very strategic and tenants are given access to excellent routes.