Acting as joint agents, Carter Towler and Cushman & Wakefield have advised on the successful purchase of a 78,836 sq ft trade counter development on Roundhay Road, north Leeds.
The seven-unit scheme has been acquired by London-based investment manager St Bride’s Managers (St Bride’s) for their St Bride’s Key Cities Partnership (St Bride’s) for a sum in excess of the £9m guide price.
The former Thomas Danby College site was originally acquired in 2015 by Leeds-based property developer, Bridge Estates and redeveloped to create seven trade counter units ranging in size from 2,593 – 35,016 sq ft. The scheme reached Practical Completion in December 2017.
Six of the units have already been let to occupiers including Selco Trade Centres, Edmundson Electrical, Topps Tiles, Screw Fix and Tool Station.
St Bride’s Partner Ian Houston said: “Leeds is one of five cities outside of London that we have identified as key investment locations for us because of the excellent long-term growth prospects. The quality of the scheme, long term income and tenant profile made this an excellent fit for the Partnership.”
Commenting on the purchase, Carter Towler’s Managing Director Ian Greenwood said: “Our client, St Bride’s was very keen to add this development to their property portfolio because of its fantastic location and the calibre of businesses that have already chosen to locate here. There is nothing available like this in the Leeds’ area and hence the unprecedented interest in acquiring the development.”
Richard Brooke of Cushman & Wakefield added: “The successful conclusion of this forward commitment just goes to highlight the strength of demand that there is for prime industrial investments in the region. This was a particularly enjoyable acquisition to advise on, the quality of the development makes it a standout transaction for the Leeds market.”
College Trade Park is located on Roundhay Road at the A58/A61 Sheepscar Interchange.
