Former headquarters acquired for its high-yield potential

A 123,000 sq ft former headquarters building in south Leeds has been acquired.

On-site Property Solutions, a company formed by Bramham-based industrial property owner and manager In-site Property Solutions, is targeting sites that have the potential to deliver high returns.

It has secured a long leaasehold on the former headquarters of panel product supplier Lawcris at Cross Green Approach, where it is targeting a yield of 25-30%. 

In-site Property Solutions Limited managing director Alex Boyle said: “The former Lawcris headquarters is an exciting site for us – the investment gives us the opportunity to bring a good quality industrial unit of 81,656 sq ft to the market and is backed by a solid local covenant with Lawcris, who are occupying other units on the site on a lease of more than 10 years.” 

Langleys Solicitors acted for On-site on the acquisition. Holder & Co Property Consultants introduced the property and advised on the purchase.

Tim Cross, head of commercial property at Langleys Solicitors, said: “The deal at Cross Green represents a solid start to developing an On-site portfolio of sites and buildings in the commercial property market which are ripe for attracting high returns on investment.”

The Cross Green Approach site – renamed Cross-site – is being marketed by Lambert Smith Hampton and Holder & Co Property Consultants.

Steven Jones, associate director at Eddisons, said: “The deal has resulted in the best possible outcome for everyone involved, with On-site acquiring and being able to develop the building while Lawcris retain space to invest in and expand their manufacturing facility.”