Distributor signs up for speculative development in Enterprise Zone
AN UNNAMED distributor has signed a 10-year lease on one of the first speculative developments to be built in Leeds since the recession.
The 50,000 sq ft building is the larger of two sites in Wilton Development’s Connex 45 scheme in the Leeds City Region Enterprise Zone. The scheme began on site last October and is on schedule to be completed next month.
Jason Stowe, managing director of Wilton Developments, said: “Hopefully this first letting in the Enterprise Zone will provide a catalyst for other occupier activity in the Zone and we remain grateful to Leeds City Council for their vision in supporting this scheme.”
The developer secured a £670,000 grant from the Government’s Building Foundations for Growth fund which enabled work to begin on site.
The new occupier has signed up for 10 years, without a break clause, at £5.75 per sq ft with a three month rent free period, which will see £2.80m rent paid over the life of the agreement.
Mr Stowe added: “Securing agreement to lease this building prior to completion, and at this rental level, reinforces Leeds City Council’s confidence that by delivering good quality speculative buildings in this location will attract strong occupier interest.”
Roger Marsh, chair of Leeds City Region Enterprise Partnership, said: “It’s fantastic to see businesses taking advantage of the opportunities created by the Enterprise Zone.
“Wilton’s latest announcement demonstrates the strength of investor appetite in two of our key growth sectors – manufacturing and logistics – and supports the overall goal of the Enterprise Zone of creating more jobs for local people, faster growth for our businesses and greater prosperity for our region.”
