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Leeds, 22 January 2014 – A West Yorkshire industrial estate has been sold in a multi-million pound investment deal by property agents Jones Lang LaSalle.
Leeds 27, on Bruntcliffe Industrial Estate in South Leeds’ industrial heartland, has been sold by Jones Lang LaSalle on behalf of F & C REIT Asset Management for just over £16 million which reflects an 8.5% net initial yield. Comprising seven detached warehouse units, totalling 331,873 sq ft, this substantial estate located one mile from Junction 27 of the M1, has been acquired by InfraRed Capital Partners Limited represented by Woolhouse Real Estate.
Multi-let to six tenants with an average weighted unexpired lease term of just under four years, Leeds 27 has a current total annual rental income of £1,442,959 per annum which equates to an average rent of £4.35 per sq ft.
Andrew Summersgill, director in Jones Lang LaSalle’s Leeds based Investment team, said: “Investor interest remains strongly focused on well-located prime and good secondary industrial stock as evidenced by the sale of Leeds 27 which is in situated in an established commercial location. Investors also recognise a gradual improvement in occupational demand for the right properties and the fact that there is dwindling supply in certain size ranges, partly due to a lack of development throughout the recession.”
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