Avison Young’s industrial and distribution team has now fully let City Park Industrial Estate in Leeds.
The estate, which comprises of five units totalling 113,901 sq ft, was acquired in 2016 and has since undergone an extensive active asset management programme.
Since acquiring the estate in 2016, three units became vacant over time: Unit 2, 16,659 sq ft, Unit 3, 11,062 sq ft and Unit 4, 9725 sq ft. As each became vacant, they underwent an extensive refurbishment programme which allowed for uplift in the rental values and covenant strengths attracted and were each let within six months of becoming vacant.
City Park Industrial Estate is located on the fringe of Leeds City Centre, along the popular trading area of Gelderd Road. Occupiers include, BSS, St Gobain, TF Solutions, Car Care Plan and Media Displays Ltd.
Jake Pygall, associate director at Avison Young, said: “The estate is superbly located with good access to both Leeds City Centre and the wider motorway network. The client refurbished the units to a high standard, and all were under offer before the works were complete, which shows the strength of both the estate, and the wider market.
“The increase in rents further indicates the growth in the industrial and distribution sector and is a testament of the continued high demand and lack of good quality stock.”