£25m deal agreed to sell industrial and warehouse park

A 16-acre industrial and warehouse park, near Leeds, has been sold.

The £25m deal sees Total Developments sell its remaining interest in Total Park to life and pensions company ReAssure Limited. The sale includes four units at the park, which are let to a range of occupiers. Shoosmiths advised Total Developments on the sale.

Total Developments acquired and began developing the site in 2018, building a total of six industrial and warehouse units to the east of Leeds city centre in the Aire Valley.

Edward Chantler, CEO of Total Developments, said: “The disposal of Total Park Leeds represents an important milestone for us.

“Pontefract Lane was the first acquisition of our revised urban logistics strategy. As is our specialism, the site had complications. Working with M1 Agency and C4 Projects we overcame the implications from various service media that crossed the site.

“We designed and implemented a multi-unit development capable of exit on three bases – a standalone unit, pre-let to DHL, and two smaller units targeting the aggressive LLH owner occupier market and an intact prime three-unit mid-box park investment.”

The Shoosmiths deal team was led by real estate partner Daniel Monaghan, supported by principal associate Jonathan Smith, trainee solicitor Edward Moffat and Richard Atkinson, an associate in the firm’s construction team.

Monaghan said: “Shoosmiths has worked with Total Developments from the start of this project. It is a partnership spanning over four years, culminating in the company now successfully selling its remaining interest in Total Park, which is a grade A scheme and already home to major tenants including DHL.”

M1 Agency acted as the commercial real estate consultant on Total Park, Leeds.