Keyland Developments Ltd, the property trading arm of Kelda Group and sister-company to Yorkshire Water, has sold a 16 acre site with planning consent in place for 265,000 sq ft of mixed-employment development to Total Developments Ltd for an undisclosed sum following a marketing campaign carried out by industrial property specialists, Gent Visick.
The vacant site occupies a key location fronting the A63 in the Aire Valley area of Leeds and its development has the potential to provide up to 500 new jobs for the area.
Planning permission for the site was granted in January this year with the approved scheme providing 265,000 sq ft of B1, B2 and B8 industrial and commercial space. The site will create a prosperous new employment hub, which can be accessed directly off the A63 East Leeds Link Road Thornes Farm Roundabout.
Located off Pontefract Lane between the existing Cross Green Industrial Estate and the Leeds City Region (Aire Valley) Enterprise Zone, the site sits between Leeds City Centre and J45 of the M1 motorway, giving access to the M62 motorway as well as a direct link into central Leeds.
Ryan Unsworth, development manager at Keyland Developments Ltd, said: “We are delighted to announce the sale of this site, which is one of the most strategically linked development opportunities in the region.
“The shortage of industrial accommodation across the wider Yorkshire area is well-known and bringing forward this development will significantly help to manage the lack of available, new industrial space. To have completed the sale so soon after successfully securing the planning permission is an excellent result and has facilitated the delivery of a major regeneration scheme to contribute to the region’s economic prosperity.”
Rupert Visick from Gent Visick said: “The level of interest received through our marketing is indicative of the quality of this asset. Total Developments purchased the site on an unconditional basis against stiff competition which is testament to their faith in the location and belief in the strength of the market for mid-sized distribution boxes.”
Total Developments were represented by M1 Agency.
Keyland’s design team included Lichfields as planning consultants, Enjoy Design for masterplanning and design, Wardell Armstrong as environmental consultants, Andrew Moseley Associates for Transportation & Highways, Brooks Ecological for ecology and Gent Visick for commercial property advice.