City industrial estate acquired for £3.8m
Eagle Industrial Estate, in Leeds, has been acquired for £3.8m by a £100m multi-let industrial property investment fund.
Managed by property investment company JR Capital and industrial asset manager Chancerygate, the fund has acquired the 55,700 sq ft scheme, which comprises seven light industrial units ranging in size from 3,000 sq ft to 13,000 sq ft and a 0.25-acre open storage yard.
The industrial estate is on Torre Road, about one mile east of Leeds city centre.
Current occupiers include home furnishing business Instore Direct; display and signage specialist BSW; traffic management sub-contractor Premier Traffic Management; and fishing and angling retailer Bobco Fishing Tackle.
The purchase by the fund brings its total investments to circa £50m comprising 650,000 sq ft of industrial space across 12 assets ranging from Newcastle to Northampton.
JR Capital investment manager, Caleb Stewart, said: “This is a welcome addition to our growing portfolio and increases the fund’s presence in West Yorkshire following our acquisition of Sandbeds Trading Estate in Ossett last year.
“Eagle Industrial Estate is positioned in an excellent urban logistics location, around one mile from Leeds city centre and providing easy access to the M62.”
The fund has a further £50m to spend over the next 12 months and intends to raise further capital. It is targeting multi-let industrial investments across the UK in lot sizes of £3m to £15m.
Chancerygate asset manager, David Tyson, added: “Eagle Industrial Park is home to a number of diverse, well-established businesses and is ideally placed in a prime location. These are exactly the type of strong fundamentals we look for when investing.
“We’re really pleased to have been able to add Eagle Industrial Park to our portfolio in the region and look forward to announcing further investments for the fund across the UK throughout 2021.”
Colliers International acted on behalf of Chancerygate and JR Capital, while RY Partnership acted on behalf of the vendor.
