Wed, 26 Feb 2014 | COMMERCIAL PROPERTY
A modern, three-storey office building in Leeds has been purchased in a deal worth over £1 million to The Clugston Group.
The offices, called Gelderd Point, face on to Junction 27 on the M62 at Gildersome, and features open plan space of up to 20,386 sq. ft.
The buyer has plans to refurbish the building and then put it back on the market.
Based in Scunthorpe, North Lincolnshire, the Clugston Group is engaged in property development, distribution, construction and civil engineering. It is working on several property development projects that are both sole venture and joint venture, and range in price from £1 million to £120 million. Mainly across the North of England, the projects include Park Row, Leeds, Turbine Business Park, Sunderland and Redhouse Interchange, Doncaster.
Gelderd Point attracted plenty of interest from buyers – both owner-occupiers and developers - says Richard Thornton from property brokers Jones Lang LaSalle in Leeds.
Nick Child, Clugston’s development director said: "The availability of grade A office space, newly constructed or refurbished, has fallen to a five-year low in central Leeds. The intensification of this Grade A supply shortage is driving a more active refurbishment and re-development, ”and the company is optimistic that Gelderd Point will be highly attractive to occupiers in the future.
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