Developer sells off remaining properties at £15m industrial scheme

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Gregory Property Group has sold the remaining assets at its industrial scheme known as Park 32, in Pontefract.

The developer sold the last two units of 35,000 sq ft and 83,500 sq ft to South African Fund, Leftfield Properties for an undisclosed sum.

The Fund already has an interest in Park 32 following its June purchase of a 21,400 sq ft unit on the site which is let to prison services operator GEOAmey.

Park 32 is a £15m, 150,000 sq ft industrial development close to Junction 32 of the M62 motorway.

The speculatively built development, delivered by Marshall Construction, comprises four purpose-built units. A 12,000 sq ft unit was sold last year to Specialist Tooling Technologies.

Advisors to Leftfield Properties will continue to market the two vacant units designed to suit a variety of occupiers for distribution, manufacturing and storage.

Andrew Foggitt, of Gregory Property Group, said: “We are delighted to have concluded an investment sale of the remaining space at Park 32.

“Leftfield Properties is known for realising commercial property asset value across the UK and its long-term commitment to Park 32 is testament to the scheme’s strong geographical location.

“Park 32 delivers against a current shortage of new, purpose-built commercial space within the M62 corridor. We remain active in seeking new sites for further prime industrial property development.”

Nico Fourie, CEO at Leftfield Advisors, said: “Park 32 hosts well-specified distribution properties. It is a strong location where demand significantly exceeds supply.

“This acquisition is convergent with Leftfield’s strategy of expanding its warehouse supply with assets that underpin pervasive e-commerce trends.”

Gerald Eve acted on behalf of Leftfield Properties, while the Leeds offices of property advisors Carter Towler and Avison Young acted for Gregory Property Group.

Blacks Solicitors LLP represented Gregory Property Group in the transaction.