Co-op Group letting is final link in industrial development
The last unit at Towngate Link, a brand new £1.7m industrial and warehouse property, which forms part of the overall development that totals 194,000 sq ft, has been pre-let for a record-breaking headline rent.
Located at Cross Green Industrial Estate in Leeds, the final unit at Towngate Link has been pre-let to the Co-op Group for 20 years by property consultancy, Gent Visick.
Measuring 17,500 sq ft, it is the final deal to be done at what has become Towngate plc’s most successful industrial development in its 59-year history, having pre-let all four buildings.
The first phase of Towngate Link included two speculative buildings which were both pre-let. The first 63,000 sq ft unit was let for 10 years to Wetherby based Beerhawk, a supplier of craft beers.
The second 55,500 sq ft unit was let to London City Bond, a national distributor of wines and spirits to retailers and wholesalers, for a 20-year period.
Tom Lamb, from Towngate plc, explained: “Following the first two pre-lets in March 2019, we swiftly moved forward with phase two of the speculative development.
“All the construction work was completed in September 2020 by Leeds-based Caddick Construction on time and on budget, despite the pandemic.
“There is no doubt the build-quality of the project, alongside the advice and guidance from agents and design team, have all contributed to its success.”
Phase two included the speculative construction of a 57,400 sq ft unit, which was pre-let in December 2019 on a 10-year basis to Van-Line Ltd, a well-established Leeds company that sells automotive components and parts, as well as safety equipment.
The final piece of the jigsaw was the speculative construction of the fourth building, which has now been pre-let to the Co-op.
Director, Paul Mack, from Gent Visick, who brokered the deal with Co-op Group, said: “The Towngate Link development represents one of the highest quality projects, and most successful speculative programmes in the region.
“To have pre-let all four buildings to four successful businesses, is an outstanding result, and to hit a record rental level on the final building was the icing on the cake.”
Gent Visick and Knight Frank advised on the development.
Towngate Link was project managed by David Stanway of David Stanway & Associates and legal advice was provided by Schofield Sweeney. PNG Property Consultants represented the Co-op.