Warehouse deal wrapped up with national packaging firm
A new speculatively built industrial warehouse at Kinetic 45, Leeds, has been let to national packaging company Fenton Packaging Ltd.
Joint agents CBRE and LSH acted on behalf of Wesleyan, who purchased the warehouse in December 2020. Knight Frank acted for Fenton Packaging.
The warehouse forms part of the Kinetic 45 development on Newmarket Lane, close to J45 of the M1 motorway near Leeds City Centre, and comprises Grade A industrial space and first floor office accommodation.
Fenton Packaging has signed a 15-year lease term for the premises. The company specialises in supplying a wide range of metal and plastic packaging for the industrial and foodservice sector including paints, oils, lubricants, chemicals, resins and food manufacturing.
The relocation of the business enables Fenton Packaging to future proof its growth strategy. It will also see the creation of new jobs.
Danielle Raunjak, industrial agency at CBRE, said: “We are delighted to agree this letting to Fenton Packaging on behalf of Wesleyan on a strategically located site in the heart of the Leeds City Region Enterprise Zone.
“The zone is a prime location for Fenton as it benefits from excellent motorway links and is just two miles from Leeds City Centre.
“This sizeable deal is a testament to the continued demand for high quality industrial space in the West Yorkshire market.”
Matthew Grainger, asset manager at Wesleyan, said: “We acquired the subject property in December 2020 with vacant possession, so we are delighted to complete this letting within three months of acquisition, highlighting the strength of the industrial market in the UK at present.
“We are pleased to secure a Tenant with a trading history of over 75 years on a new 15-year lease.”
Tom Goode, associate in the Industrial Agency team at Knight Frank in Leeds, said: “Knight Frank are delighted to have worked with Fenton Packaging on the acquisition of Kinetic 45.
“The move marks the latest chapter of their long and established history in Leeds whilst the purpose built facility, with modern specification and excellent access to J45 of the M1 will be a catalyst for growth.”
David Wilson, operations director of Fenton Packaging, added: “This will see Fenton move into the next chapter of its business vision and strategy.
“It shows both our customers and our staff the commitment we have to them to deliver world class service and world class products in line with a working environment which matches our ambitions.
“Knight Frank have been exceptional in this exhaustive search for a property that matched our needs and ambitions. We look forward to moving in fully in the coming months.”