Tue, 24 Aug 2021 | COMMERCIAL PROPERTY
The Leeds division of commercial real estate firm CBRE has completed the acquisition of three industrial sites in Yorkshire on behalf of logistics company Mileway for £6.4 million.
The portfolio was acquired from Wetherby-based In-Site Property Solutions, which has a strategy of acquiring industrial sites and engaging in renovation projects at the locations before selling them on.
The portfolio includes: the South Bradford Trading Estate, a multi-let estate in Bradford; Green Park, Wharfedale Road on Bradford’s Euroway Industrial Estate; and the Junction 34 site on Greasbro Road, Sheffield.
The sites total 75,500 square feet and have full occupancy, with eight tenants. In line with In-Site Property Solutions' acquisition and exit strategy, all the sites have undergone significant refurbishment over the past 18 months.
Henry King of CBRE’s Leeds Capital Markets team commented: "This portfolio provides our client with a trio of well-located industrial assets, which are currently fully-let and providing an attractive and diversified income stream. We believe the assets are perfectly positioned to take advantage of favourable market dynamics moving forward."
In-Site Property Solutions were advised on the exit by Lambert Smith Hampton. LSH Director Scott Morrison said: "It is testament to our client, In-site Property that they continue to spot industrial opportunities, undertaking substantial refurbishment projects and perfectly executing their asset management and exit strategy. We are delighted to have advised, let and sold on this portfolio alongside their other retained agents."
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