Investor acquires five-acre industrial site

More than 100,000 sq ft of prime industrial space on Cross Green Industrial Estate, in Leeds, has been sold in a major investment deal.

Representing SADEL Group, property consultancy Gent Visick (GV), oversaw a competitive bidding process, before selling the five acre-site, which includes seven light industrial, warehouse and trade counter units, to Mileway.

The units cover 108,179 sq ft in total.

SADEL Group is a privately owned Luxembourg-based investment business with a multi-billion pound active portfolio.

The vendor was advised by Matthew Wallis at Kuits Solicitors. CBRE Leeds acted as the purchasing agent.

Associate director Dan Walker, from GV, said: “Cross Green Industrial Estate is one of the city’s prime industrial addresses in a highly sought-after location.

“Following SADEL Group’s purchase of the estate in 2015, GV was appointed to undertake a full asset management project including lease renewals and rent reviews, and this sale is now a fantastic result for our client.

“We attracted significant levels of interest in the fully let investment, which is just two miles from Leeds city centre and close to the M1 and M62.

“Tenants include a mix of well-known trade counters, manufacturers and distributors and the site provided a very attractive investment opportunity, which was reflected in the level of interest and number of offers we generated.”

Henry King, from CBRE Leeds, said: “Cross Green Industrial Estate is very well located on the edge of Leeds City Centre in a market with extremely limited supply.

“The investment also offers a highly reversionary income stream to a strong and diverse mix of tenants and we look forward to working with our client to take advantage of upcoming asset management opportunities.”