Overseas investor seals £5.95m office deal

GMI Developments has completed the sale of its 52,494 sq ft office scheme in Shipley, West Yorkshire, to an un-named overseas investor for £5.95m.

The Waterfront was acquired by GMI Developments five years ago after being built by its sister company, GMI Construction. BNP Paribas and DTZ acted for GMI Developments and the purchaser was represented by GVA. The traditional mill style building, which stands on the banks of the Leeds to Liverpool Canal close to the Saltaire World Heritage Site, is fully occupied.

Macmillan Cancer Support has just signed a 15 year lease for the last 5,800 sq ft ground floor suite, taking its total occupation at The Waterfront to almost 45 per cent of the building.

In February this year, it was announced that the professional advisory and support services firm, AdviserPlus, had doubled its office space at The Waterfront to 15,000 sq ft, due to projects which could create 80 jobs.

The building’s other tenants are technology firm Red Embedded and community energy specialist ENER-G Switch2.

Chris Gilman, managing director of GMI Developments, said; “The Waterfront has proven to be a successful business location for flagship companies and continues to make a significant contribution to the Shipley area through the retention and creation of jobs.

“We are firmly committed to the long-term regeneration of Shipley and the sale of The Waterfront will enable us to continue to invest in the area.”

GMI Developments will retain ownership of the adjoining site, which sits in between The Waterfront building and Salts Mill, which is home to a number of industrial units.

GMI is drawing up proposals to turn the site into a significant mixed use development.