A 231,000 sq ft speculative industrial and trade development is being proposed for a key Leeds location after the 11 acre site was acquired in a £6 million deal.
Industrial developer and asset manager Chanerygate and sustainable and impact investor Bridges Fund Management have formed a joint venture to deliver Triangle 45 on the East Leeds link road at Cross Green.
A total of 23 units ranging from 4,000 sq ft to 34,000 sq ft are planned.
It will be the first time Chancerygate has developed in Yorkshire since the company was founded in 1995.
The two companies acquired the site from Halifax Estates and anticipate that, once complete, it will be worth £31 million, with owner occupiers eyed for freehold sales.
A planning application will be submitted to Leeds City Council this summer.
Close to Junction 45 of the M1 neighbours include Amazon, John Lewis, FedEx, Lamborghini and McLaren.
Chancerygate development manager, Chris Brown, said: “We have a clear vision for Triangle 45 and are really excited about delivering our first ever development in Yorkshire.
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“The connectivity and prominence of the site is of huge appeal to a range of different occupier types. We strongly believe there is latent demand from owner occupiers in Leeds so we expect our product to be extremely well received.”
Commercial real estate consultants Lambert Smith Hampton and chartered surveyor and property consultancy Sanderson Weatherall have been appointed joint agents for the scheme.
Chancerygate describes itself as the 海角视频’s largest multi-unit industrial developer and asset manager and the only one operating nationwide. It currently has up to three million sq ft of industrial space under construction or ready for development across 23 sites, stretching from Bournemouth to Edinburgh.
It also manages more than £255 million of assets across more than five million sq ft of commercial space.
Earlier this year, a £100 million multi-let industrial property investment fund managed by Chancerygate and property investment company JR Capital acquired the 55,700 sq ft Eagle Industrial Estate on Torre Road in Leeds for £3.8 million.
Chancerygate has been working in partnership with Bridges on projects for more than 10 years. Investments include London student housing development The Curve, the regeneration of Beeston Business Park in Nottingham and recent site acquisitions for speculative industrial developments in Coventry, Peterborough and Edinburgh.
Guy Bowden, partner at Bridges Fund Management, said: “We are delighted to partner with Chancerygate again for this exciting development in Leeds.
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“The growth of ecommerce is driving strong demand for industrial units like these, and our experience of similar developments across the country has shown us that tenants are increasingly seeking out sustainability features that minimise emissions and reduce operating costs.
“We think this will make Triangle 45 an attractive proposition for owner-occupiers, which in turn will enable it to become an engine of job creation and economic growth for the local area.”
Chancerygate and Bridges were advised on the acquisition by commercial real estate consultancy Lambert Smith Hampton and law firm Freeths.
Chartered surveyor and property consultancy Sanderson Weatherall acted for Halifax Estates.