Rushbond snaps up business park

A DEVELOPMENT comprising industrial units has been acquired for £4.5m.

Rushond has bought the mixed-use development Spectrum Park in Leeds from Standard Life Investments.

Leeds-based HLW McCombie Commercial Lawyers and Gerald Eve Property Consultants advised on the deal, while funding for the transaction was provided by Handelsbanken.
 
Spectrum Park is a 70,000 sq ft site arranged as four industrial units, with a mixture of businesses including Land Rover dealership Guy Salmon, Brown Brothers Distribution and an A&E Russell trade counter.

Rushbond development surveyor Richard Baker said: “Despite difficult and changing market conditions the Rushbond Group remains committed to investing and developing in its home city, Leeds, and the wider Yorkshire region. We continue to explore investment and development opportunities in all sectors.”
 
Jonathan Maud, managing director of Rushbond, said: “We remain confident in the city of Leeds and seek to substantially grow our investment portfolio over the forthcoming years and are presently working on a number of exciting opportunities.”

The deal brings the company’s regional investments to more than an estimated £50m. Other properties in its portfolio include St Leonard’s Place, York, and Brewery Wharf, Leeds.

Claire Murphy is a partner in the commercial property team at HLW McCombie, which was formed following the merger of HLW Commercial Lawyers and McCombie & Co in June.

Ms Murphy said: “Spectrum Park is in a great position to benefit from improved transport links in Leeds. With the inner ring road and the east Leeds link road to be completed by the end of the year, this site will become increasingly valuable.

“It also offers a secure long-term income stream and scope for future rental growth. The acquisition underlines Rushbond’s ongoing commitment to strengthening its property portfolio across the region.”

Leeds branch manager with Swedish bank Handelsbanken, Stephen Hill, said: “Rushbond show that even in difficult times property is continuing to change hands in Leeds. Strong purchases will always attract strong backing and Handelsbanken is pleased to have supported them in this purchase.”