A MAJOR property investor and car park operator has bought the freehold interests of three units on an industrial park in Leeds for almost £4.5 million.
Town Centre Securities has acquired the units at the Waterside Business Park – a multi let industrial estate, in Stourton, from clients of CBRE Investors.
It is the first acquisition in the industrial property sector by Town Centre Securities for a number of years.
The move comes as the company announced that Morrisons, its anchor tenant at the Merrion Centre in Leeds city centre, is planning to expand the store by adding 10,000 sq ft which will allow for a change of layout.
And the company has also revealed it has contracted pre-construction services at Merrion House, which will mark the initial works ahead of the complete refurbishment and extension of the building for Leeds City Council.
The three units at the Waterside Business Park were purchased for £4.48 million, reflecting an initial yield of 7.2 percent.
Tenants include SW Group Logistics Ltd, European Stock Solutions Ltd, and Daniels Chilled Foods Ltd.
The units are detached industrial warehouse buildings totalling 77,400 sq ft.
Town Centre Securities says the industrial estate is a prime industrial and distribution area, with good access to the motorway network.
Chairman and chief executive Edward Ziff said: “We are delighted to have acquired three high quality units at Waterside Business Park.
“This acquisition, our first in the industrial sector for a number of years, is a logical and complementary diversification of our existing portfolio. The site is in a strategic position, let to high quality tenants with excellent access to key routes.”