Town Centre Securities sells trio of warehouses in Leeds for £10m

The property firm acquired the buildings at Waterside Business Park in Stourton, near Leeds, for £4.5m in 2015.

The buildings were acquired by Clearbell, the privately-owned real estate fund management and advisory business. Clearbell was advised by DTRE and the acquisition reflects a net initial yield of 4.49 per cent.

The sale was negotiated by the investment team at Leeds property agent Gent Visick (GV), acting on behalf of Leeds-based Town Centre Securities (TCS). GV also acted on behalf of TCS when the company acquired the three units.

A 19,629 sq ft unit is occupied by parcel distribution firm, SW Group Logistics. Another, which measures 24,597 sq ft, is let to vehicle rescue and recovery specialist, DH Mansfield. Ellerton Consulting occupies a 32,933 sq ft food grade facility.

Garry Howes, director of investment at GV, said: “This was a rare chance to acquire a prime, multi-let industrial estate in an established and popular industrial location and the level of interest from investors was extremely high.

“This is a particularly good result for our client given that the asset has more than doubled in price since we led the acquisition of the site seven years ago on behalf of TCS.

“This reinforces the current strength of the industrial investment market and the amount of capital that is ready to be deployed for high quality opportunities in good locations.”