In-site Property Solutions has completed the sale of two warehouse units in South Leeds for more than £1.5 million.
The industrial property owner has sold Unit 1 Cedar Park, Rothwell, a 21,714 sq ft unit, for £1.175 million to property investor and developer Georgetown Carr. The unit is currently occupied on a 10-year lease by powered access supplier AFI Uplift.
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 sales.
The brace of deals 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.
In-site, based in Bramham, West Yorkshire, owns multi-let industrial and other commercial property sites across the north of England and the central belt of Scotland, which it manages in-house.
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, said: “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.