| the north east SCARCE UNITS SECURED
othbury Investment Management, on behalf of Lothbury Property Trust, has secured two modern distribution units in Leeds in a deal worth £9.15 million. The two units of c. 30,000 sq.ft and 50,000 sq.ft are situated at Connex 45 off Pontefract Lane, the main industrial area of Leeds, and close to junction 45 of the M6. They are let to Perspex Distribution and FedEx respectively. Both units are rated BREEAM Very Good, were developed in 2015 and have eight years remaining on their 10 year leases. They have RPI linked rent reviews at year five. Ed Hockley, Director at Lothbury
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Investment Management, said: “The scarcity value of such units, which meet market tenant demand and certainty of rental growth, as well as being built to a good standard, make these a very good asset for the Fund. The purchase is in line with Lothbury Property Trust’s strategy of investing in urban logistics and ’last mile’ delivery properties with immediate access to the motorway network, and which serve wide catchment areas and large conurbations.” The vendor is a private UK investor. Lothbury Investment Management was represented by Tudor Toone.
INDUSTRIAL SITE
regory Property Group has secured detailed planning consent to develop an 11-acre brownfield site less than one mile from Junction 32 of the M62 motorway near Wakefield, West Yorkshire. The Leeds based developer has announced that it plans to speculatively build 150,100 sq.ft of production and distribution space this year on a prominent site located just opposite Pontefract Racecourse. ‘Park 32’ is to offer four new units ranging from 12,000 sq.ft up to 82,500 sq.ft to suit a variety of occupiers such as trade counter, manufacturing and distribution. The development is in an established location adjacent to Park Side Retail Park. Barry Gregory of Gregory Property
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Group said, “There is a clear lack of new, purpose built commercial space within the M62 corridor and the market indicates that demand is outstripping supply. We are confident that speculative build units on this prime site will engender good levels of interest from occupiers. “The area is already undergoing major improvements with the former Prince of Wales Colliery under development and the vicinity of Junction 32 is attracting significant investment by leading funds”.
5 WELLINGTON PLACE
eveloper and asset manager, MEPC has announced that the Ministry of Justice will be making Wellington Place the site of its new Leeds headquarters. Occupying over 26,500 sq.ft of the
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first and second floors of 5 Wellington Place, the space will welcome staff from the Ministry of Justice, bringing a further 200 employees to the Leeds city centre development. The move means that Number 5 is now fully let, with the Ministry of Justice joining a wide variety of businesses at the development including Equifax, Sky Betting & Gaming, Willis Towers Watson, Ward Hadaway and Shulmans LLP. Meanwhile, activity continues across
the site with the recent completion of Number 3 Wellington Place. Situated on the junction of Wellington Street and Northern Street, the building has created the principal north-east gateway into Wellington Place and forms part of the 290,000 sq.ft of recently constructed existing office and retail space at Wellington Place. Further announcements in relation to the progress of Number 4 Wellington Place are also expected within the coming months.
The letting agents supporting the deal were JLL and Cushman Wakefield.
THREE DEALS AT MILLSHAW PARK T
he Leeds offices of global property consultancy Knight Frank and Carter Towler have brokered three deals at the 480,000 sq.ft Millshaw Industrial Estate in Leeds. Millshaw, which was sold to asset managers Schroders by the Leeds-based Evans Property Group in 2016, has tenants including DHL, Alliance Healthcare, Afonwen and Express Bi-Folding Doors. The whole site extends to approximately 480,000 sq.ft of quality industrial and warehouse accommodation, strategically located by the Leeds Outer Ring Road (A6110) and half a mile from Junction 1 of the M621.
The three new tenants at the park are Edmundson Electrical, who have taken the 2,701 sq.ft Unit 3B; Drill Co, who have taken Unit 18, comprising 4,518 sq.ft; and Northern Flags, who have taken Units 4 and 5, totalling 10,458 sq.ft. Tom Goode, industrial property surveyor at Knight Frank in Leeds, commented: “Millshaw is one of the largest – and most successful - inner city industrial estates in Leeds. It is superbly located, fronting the outer ring road and close to Yorkshire’s excellent motorway network. “These three deals are a ringing endorsement of the investment by Schroders, which has revitalised the estate and transformed its vacant units. We are now undertaking further refurbishment works on Units 1 and 2, 6B and 16, which are 10,740 sq.ft, 3,244 sq.ft and 5,538 sq.ft respectively. These units are the only ones still available to lease on the estate. “The deals are also a timely reminder that due to a lack of
supply, well-located assets are continuing to prove popular,” said Mr Goode.
68 COMMERCIAL PROPERTY MONTHLY 2018
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