16th January 2018
LEEDS WAREHOUSE SOLD FOR £1.2M
Stephen Farrell - Digital Staff Writer Insider Media Limited
In-site Property Solutions has sold a warehouse unit in south Leeds for almost £1.2m.
Unit 1 Cedar Park, Rothwell, a 21,714 sq ft unit, has been sold for £1.17m to property investor and developer Georgetown Carr. The unit is currently occupied on a ten-year lease by powered access supplier AFI Uplift.
The deal marks a successful exit from Cedar Park for In-site, which acquired the vacant site in February 2015. Since then it has carried out extensive repairs and refurbishment to the units and was instrumental in attracting Kimberly Group (which was subsequently acquired by AFI Uplift) as a tenant to Unit 1.
This follows the sale of Unit 2 Cedar Park to AD3 Envelopes for £389,000 in May 2017. Langleys Solicitors acted for In-site on both deals.
Alex Boyle, managing director, In-site Property Solutions, said: "We are very pleased to see this investment sell at a net initial yield of sub eight per cent.
"This was the last unit under our ownership at Cedar Park, meaning we can now roll the capital and profits straight into the next vacant possession acquisition which is due to complete this month. Watch this space."
James Bradley, senior associate at Langleys, added: "This is another terrific outcome for In-site, who saw the potential in this site and put in considerable hard work and investment."
Stephenson Day acted as agent for the sale of the unit on behalf of In-site.