In-site has £2m war chest to bring in new stock

The business, led by 28-year-old managing director Alex Boyle, has a £2m war chest available to add new stock to its portfolio.

In-site, based in Bramham, near Leeds, has a portfolio of 12 multi-let industrial and other commercial property sites comprising more than 1m sq ft of space across Yorkshire, the North of England and Scotland.

These include more than 100,000 sq ft of space at the Cross Green Industrial Estate in Leeds; a 150,000 sq ft development in Fife, Scotland; and an office building in Leeds’s financial district.

Mr Boyle, who was appointed as managing director at In-site in 2010 following a two-year spell as estates manager, has doubled the size of the rent roll which is more than £2m a year, with 15 staff managing the portfolio and business.

He said improvements in market conditions and confidence amongst businesses were helping In-site to target opportunities.

“This is an exciting time for in-site,” said Mr Boyle. “Our strategy continues to be to look to acquire sites with asset management potential, through re-gearing leases, planning improvements or change of use and adding value from refurbishments and developments.

“The market is still struggling with a lack of supply of modern premises, particularly units designed and fitted out for manufacturing use, and is unlikely to see substantial return to industrial speculative building in the North to any scale in the near future.

“Our occupiers are more confident and, like us, are seeking opportunities to grow. We are also seeing increased levels of enquiries from potential tenants.

“These factors, coupled with a continuing pick-up in economic activity and In-site having substantial funds to invest, means we are confident of our prospects in 2014 as we hit the acquisition trail.”

Although In-Site is primarily looking at Yorkshire properties, Mr Boyle said he was looking further afield and also considering different opportunities.

“We are not finding the stock we are looking for at the moment,” he said. “Banks are hanging on to quite a lot of stock so in some cases we are moving away from our traditional business model of buy, refurb and multi-let, and looking at other things like re-negotiating leases and residential opportunities.”

In-Site typically buys properties between £500,000 and £2m. “It’s a good size – not too risky,” said Mr Boyle. “There isn’t a lot of competition either because it’s too small for the big pension funds but too big for the local investors.”

Mr Boyle added: “I have devoted the last few years of my life to getting In-site to the position of strength it holds today.

“We have beaten all our targets. However, more importantly than that, I am proud of the fact that we have helped to create hundreds of jobs at our sites as many of the companies that take space are expanding.”

Away from its portfolio, In-site is a major supporter in the community it serves and Mr Boyle said this is set to continue.

As well as regularly raising money for various charitable causes, the company is main sponsors of Wharfedale RUFC and North Leeds Cricket Club, as well as funding barefoot water skiing talent.

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