Business park sold in £3m deal

THE Leeds office of property consultancy Knight Frank has advised a Guernsey-based group of investment companies on the acquisition of Cliffe Park in the city, for more than £3m.

Cliffe Park in Morley, South Leeds, was bought from the receivers, represented by BNP Paribas Real Estate.

The Jolivet Group has bought the 58,000 sq ft business park, which fronts Bruntcliffe Road (A650), within one mile of Junction 27 of the M62 and M621.

Rebecca Farnsworth, a partner in the investment team at Knight Frank in Leeds, commented: “This is a significant deal in a challenging market, which speaks volumes about the overall quality of the park. The existing tenant mix, which offers asset management opportunities, combined with the superb location of Cliffe Park, the quality of the buildings and the ample parking facilities were significant factors in the acquisition”.

Graham Foxton, associate director at BNP Paribas Real Estate, said: “We are pleased to have received a good level of interest in the sale, attracting purchasers from all parts of the UK, as well as local buyers. It shows that cash is available, along with the appetite for good quality investments in the regions.”

Cliffe Park is a well-established business park, comprising 12 self-contained office buildings, totalling 58,000 sq ft set within landscaped grounds with current occupiers including Willmott Dixon Construction, Q Hotels, the Elliott Group, Norland Managed Services and Tekla.

Simon Storer, who heads Jolivet, said that he was pleased to acquire another well-located tidy investment opportunity at a realistic capital value.

One unit and three single floors, from 1,220 sq ft to 2,868 sq ft, are available to lease from £8 per sq ft, while unit 12, comprising 12,219 sq ft of quality office space, is for sale or lease.
Elizabeth Ridler of Knight Frank in Leeds added: “There are very few 12,000 sq ft offices of this quality and specification on the market for sale at the moment, so this is a tremendous owner-occupier opportunity to capitalise on the high-quality office facilities, a superb working environment, ample parking and easy access to Yorkshire’s great motorway network.”

The letting agents for Cliffe Park are the Leeds offices of Knight Frank and Carter Towler.