UBS AM complete lettings totaling more than 60,500 sq ft at new urban logistics industrial park
A duo of lettings totaling more than 60,500 sq ft have been completed at Velocity Point, the UBS AM Real Estate & Private Markets (UBS AM REPM) funded logistics park in Leeds. The latest deals follow a flurry of lettings at the urban logistics industrial development with occupiers signing up to 7 of the 9 specialist units since PC just 7 months ago.
Garolla, the UK’s #1 recommended garage door company, has taken Unit 9, totaling 33,500 sq ft over ground and first floor. The company, which supplies and installs made-to-measure electric garage doors nationally, has acquired the site as part of its growth plans as it expands in the garage door market and adjacent categories. Avison Young advised Garolla on the acquisition.
Total Hardware, a leading window and door hardware supplier, has agreed terms on Unit 6 totaling 27,000 sq ft over ground and first floor. The company is moving to Velocity Point to facilitate its business expansion into larger, more practical, modern premises. The company supplies a comprehensive range of market-leading hardware products to the trade.
Velocity Point is a Grade A, speculatively built Industrial Park set across 13 acres and offers nine units across five buildings from 3,500 sq ft to 108,500 sq ft. The development is strategically located with direct links to Leeds City Centre, the UK motorway network and is set within a globally-recognised region for advanced manufacturing, R&D and academia.
CBRE, Carter Towler and Savills are joint marketing agents for Velocity Point.
Jonny Ufton, Investment Manager, UBS AM REPM, commented:
“Velocity Point, which is set against the Leeds-Liverpool Canal, offers occupiers a high quality working environment with vast green spaces and has been designed to promote a positive work life balance by putting people at its heart. The development is built to the highest standard with future-thinking design firmly focused on sustainability, with renewable and environmentally responsible features being integral to the scheme.
It’s a real draw for businesses of all sizes from those looking to integrate their operations into national and international supply chains to companies seeking strong links to academia excellence and places occupiers in a prime position for growth.”
Dani Raunjak, Associate Director at CBRE Leeds, said;
“The deals secured on seven out of nine units within a few months of completion at Velocity Point demonstrates the appeal of well positioned, quality stock in a supply constrained Northern logistics market. Carter Towler, Savills and our team have received considerable interest in the remaining units and look forward to achieving full occupation soon.”
According to Rob Oliver, Principal at Avison Young, who advised Garolla on their search and acquisition;
“We have undertaken several acquisitions across Yorkshire in recent months, with a number of further projects ongoing. We were delighted to work with Garolla on this matter, undertaking a thorough review and consideration of their options, and then securing a lease on this high quality new unit at Velocity Point. Availability of quality units across the region ready for immediate occupation is getting challenging, given the limited amount of current development. It is particularly pleasing to support a manufacturing business looking to upgrade and expand their operation.”
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