Duo of deals secured at urban logistics industrial park
A duo of lettings totalling more than 60,500 sq ft have been completed at Velocity Point, a UBS AM Real Estate & Private Markets (UBS AM REPM) funded logistics park in Leeds.
The latest deals follow a succession of lettings at the logistics industrial development, with occupiers signing up for seven of the nine units since practical completion seven months ago.
Garolla, a garage door company, has taken Unit 9, totalling 33,500 sq ft.
The company, which supplies and installs made-to-measure electric garage doors nationally, has acquired the site as part of its growth plans as it expands in the garage door market and adjacent categories. Avison Young advised Garolla on the acquisition.
Total Hardware, a window and door hardware supplier, has agreed terms on Unit 6 totalling 27,000 sq ft.
The company is moving to Velocity Point to facilitate its business expansion into larger, more practical, modern premises.
Velocity Point is a Grade A, speculatively built industrial park set across 13 acres and offers nine units across five buildings from 3,500 sq ft to 108,500 sq ft. CBRE, Carter Towler and Savills are joint marketing agents for the site.
Jonny Ufton, investment manager, UBS AM REPM, said: “Velocity Point offers occupiers a high quality working environment with vast green spaces and has been designed to promote a positive work life balance by putting people at its heart.
“It’s a real draw for businesses of all sizes from those looking to integrate their operations into national and international supply chains to companies seeking strong links to academic excellence and places occupiers in a prime position for growth.”
Dani Raunjak, associate director at CBRE Leeds, said: “The deals secured on seven out of nine units within a few months of completion at Velocity Point demonstrates the appeal of well positioned, quality stock in a supply constrained northern logistics market.
“Carter Towler, Savills and our team have received considerable interest in the remaining units and look forward to achieving full occupation soon.”
Rob Oliver, principal at Avison Young, who advised Garolla, added: “We have undertaken several acquisitions across Yorkshire in recent months, with a number of further projects ongoing.
“We were happy to work with Garolla on this matter, undertaking a thorough review and consideration of their options, and then securing a lease on this high quality new unit at Velocity Point.
“Availability of quality units across the region ready for immediate occupation is getting challenging, given the limited amount of current development. It is particularly pleasing to support a manufacturing business looking to upgrade and expand their operation.”
