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Opus North’s latest success is the sale of its retail park at Armley. Construction has

started on the once derelict site and the park is due to open in March next year.

It is already fully let to companies such as Lidl, B&M Homestore and

Farmfoods. Lidl have purchased the leasehold of their 1,858 sq.metres

(20,000

sq.ft.

) superstore and Palmer Capital Income Fund have bought the

remainder of the site. The two sales raised £8 million.

Andrew Duncan of Opus North said: “We have transformed a derelict

eyesore in a prominent area of west Leeds into a first class retail park with

household names as occupiers”.

5

Commercial Property Register

November 2016 - May 2017

www.compropregister.com

NEWS

Judging from the level of activity,

and the reaction to the Brexit

vote, the Yorkshire commercial

property market is in robust

health.

What is important is that the

Leeds office market has ridden

the EU exit vote effectively. The

quarterly report from the Leeds’

Office Agents Forum showed that

occupiers have, on the whole,

adopted a business as usual

approach.

Take up in the city centre was

11,642 sq.metres (125,321

sq.ft

.)

in the third quarter, an increase

of 71% on the previous three

months. Out of town deals at

6,126 sq.metres (65,944

sq.ft

.)

were slightly lower than April-June.

Interestingly, in the first half year

the out of town market beat the

city centre in lettings.

Paul Fairhurst of Savills and the

LOAF spokesperson commented:

“At face value, the relatively limited

supply of Grade A space and local

economic dynamics have so far

helped cushion any uncertainty

compared with London and the

south east”.

“We have continued to see a

positive story play out in Leeds but

the ongoing supply issues being

experienced in most regional office

markets continues”.

However, there are three major

city schemes (Central Square,

5 Wellington Place and 6 Queen

Street) completed and soon

3 Sovereign Square to relieve

the shortage. Knight Frank’s

Eamon Fox said: “Two more city

centre schemes at Platform and

3 Wellington Place together with

Paradigm at Thorpe Park and

Kirkstall Forge (where there are

4,181 sq.metres (45,000

sq.ft

.)

remaining) in the out of town

market are all under construction

and will help plug the gap in the

near future”.

Central Square, developed by

M&G Real Estate and Marrico Asset

Management, is the largest

speculative office scheme ever built

in Leeds and it also has the largest

floor plates. Sam Jones of M&G

said: “We expect the new offices

and associated amenities to attract

further tenants and contribute to

the creation of a new city centre

destination”.

A former yarn and corn

warehouse, Concordia Works,

has been refurbished by Boultbee

Brooks for offices, creating a fusion

of original features and modern

design. Knight Frank and Savills are

joint letting agents for the

1,293 sq.metres (13,922

sq.ft

.)

building. Eamon Fox points out that

“this is a unique and striking property

set over 5 floors creating a dynamic,

hi–spec loft style workplace. The

interior respects the integrity of the

warehouse’s industrial past with

exposed brickwork, trusses and

cast iron columns”. The first deal

has been brokered to Yonder

Consulting who have taken 282

sq.metres (3,040

sq.ft

.) on the third

floor of the building.

The pace of development is being

maintained because the city planners

have approved the £55 million South

Bank mixed use project at Granary

Wharf by CTP and regeneration

specialist U+I. This is part of the

wider Holbeck Village regeneration.

South Bank wll have 250 residential

units, offices, restaurants and

landscaped public space.

David Topham of CTP said: “There

is a growing demand for high-quality

accommodation in Leeds”.

Knight Frank anticipate that city

centre prime rents will top

£301.28 a sq.metre (£28 a

sq.ft

.)

by the end of the year.

Leeds

GOES LARGE

IN BRIEF

Equi-rek,

a family owned specialist manufacturer of horseboxes and

trailers, has bought the 17,280 sq.metres (186,000

sq.ft

.) former Fox

Wire factory in north west Sheffield for £1.6 million with the help of

Leeds City Region and Barnsley Council. Knight Frank acted for the

pension fund that sold the site.

In tune

WITH THE NORTH

The investment market is

healthy enough with a flow of

deals, such as Kennedy Wilson

Europe Real Estate selling two

business parks in the north

through CBRE.

In Yorkshire, Pavilion Business

Park has been bought by M7 Real

Estate with its 16 units totalling

4,984 sq.metres (53,646

sq.ft.

).

In Newcastle Upon Tyne, the

3,782 sq.metres (40,712

sq.ft.

)

Vantage Point at Balliol Business

Park has been sold to Methnor

Properties.

CBRE’s Robin Bullas said: “The

recent sales demonstrate the current

investor appetite for well positioned

office accommodation with asset

management opportunities”.

Councils like property investment

and Leeds City Council has

bought Muse Developments’

7,510 sq.metres (80,840

sq.ft.

)

Logic Leeds at Junction 45 of the

M1, which is occupied by Amazon.

BUSY

Buyers

Robin Bullas

Platform Leeds