Overseas investor acquires office development

AN overseas investor has acquired The Waterfront development in a £5.95m deal.

GMI Developments has completed the sale of the iconic 52,494 sq ft Shipley office scheme, which it acquired five years ago following its earlier construction by sister company GMI Construction.

The traditional mill style building, on the banks of the Leeds to Liverpool Canal close to the Salts Mill World Heritage Site, has achieved full occupation following recent occupier expansions.

Macmillan Cancer Support has just signed a new 15 year lease for the last 5,800 sq ft ground floor suite, taking its total occupation at The Waterfront to almost 45% of the building.

This expansion follows on from an announcement in February this year that professional advisory and support services firm, AdviserPlus, doubled its office space at The Waterfront to 15,000 sq ft due to sustained company growth and future projects which could deliver some 80 new jobs.

Technology firm Red Embedded and community energy specialist ENER-G Switch2 complete the tenant mix at The Waterfront.

Chris Gilman, managing director of GMI Developments, said: “The Waterfront has proven to be a successful business location for flagship companies and continues to make a significant contribution to the Shipley area through the retention and creation of jobs. We are firmly committed to the long-term regeneration of Shipley and the sale of The Waterfront will enable us to continue to invest in the area.”

GMI Developments will retain ownership of the adjoining site which sits in between The Waterfront building and Salts Mill. Currently home to a number of industrial units, the site presents an opportunity for a significant mixed use sustainable development and GMI is presently drawing up proposals to enable it to progress discussions with potential occupiers and the Planning Authority.

BNP Paribas and DTZ acted for GMI Developments and the un-named purchaser was represented by GVA.