Largest Office Letting in Leeds
Carter Towler is delighted to have been involved in securing the largest office deal in Leeds this year.
Acting on behalf of Rockspring Hanover Property Unit Trust, Carter Towler and joint agents, Knight Frank, have secured a 10 year lease with iconic fashion brand Burberry on 46,000 sq ft of Grade A office accommodation at 6 Queen Street.
Burberry, who was represented by Cushman & Wakefield, is relocating 300 staff from London to create a new business services centre.
Commenting on the deal, Richard Fraser said:
"Burberry’s decision to relocate its London-based business services to Leeds is a fantastic endorsement for all that the city of Leeds has to offer and is a particular compliment to the quality and specification of 6 Queen Street. The fact that Burberry selected 6 Queen Street ahead of other available Grade A office buildings shows that the quality of build and attention to detail shown by the developers has paid off."
Located in the heart of Leeds business district 6 Queen Street was developed by Marshall CDP and Rockspring and provides a total of 70,940 sq ft of office space over six floors with three private terraces. Only the ground and first floors now remain available from 11,810 - 24,882 sq ft.
Trib3 Ups The Pace in Wellington Street
Acting on behalf of James Hare Ltd, Carter Towler has just agreed a 10 year lease on 4,865 sq ft at 68-72 Wellington Street, Leeds with fast-growing Trib3 gymnasiums.
The Sheffield-based high intensity bootcamp gymnasium concept which will shortly be opening its first operation in Leeds, currently has four outlets in Sheffield and Barcelona and has another opening lined up in Manchester. Trib3 has plans for a further 35 across the UK and Europe.
Commenting on the letting Pete Bradbury said:
"Trib3 had been looking at a number of different options in the city centre so we were really pleased to attract them to Wellington Street. The character of the building was a huge factor, as was the location. Their plans to design a unique and completely different style gym offering look fantastic."
Charlie Hare of James Hare Ltd added:
"It will be great to see the space being used again as it’s been empty for around 25 years. We are really looking forward to seeing the transformation."
"We hope the new gym will prove to be popular with people both working and living in the city centre who are looking for somewhere with a different approach to fitness training."
100,000 sq ft LCC Acquisition Deal for Muse
Leeds City Council has acquired three industrial units at Muse Development’s flagship site, Logic Leeds.
Construction of the speculative units will begin later in the summer with completion scheduled for early 2018. The three units are 30,000 sq ft, 33,000 sq ft and 37,000 sq ft respectively.
Carter Towler represented Muse throughout the negotiations.
Commenting on the acquisition Ian Greenwood said:
"This is the second deal that the Council has concluded at Logic Leeds having already purchased an 80,840 sq ft distribution warehouse last year and just goes to show the fantastic commitment it has to this scheme and the wider Enterprise Zone."
James Scott of Muse added:
"This significant sale is both a resounding endorsement of the qualities of our development at Logic Leeds and a sound investment for the council."
"It meets all the city council’s investment criteria, as the three industrial units will provide a strong rental income stream in the years to come. There is a massive pent-up demand in West Yorkshire for units of this size, while their location, at the heart of Yorkshire’s superb motorway network and within the Enterprise Zone, makes them especially attractive."
Popular Leeds Business Park Nearly Full
Acting on behalf of Orchard Street Asset Management, Carter Towler has successfully completed a brace of deals at Gildersome Spur industrial park, Leeds.
A 23,810 sq ft warehouse has been let to wholesale catering equipment supplier Alliance and a 10,000 sq ft unit to refrigeration and building services company, A1 Engineering Solutions.
25-acre Gildersome Spur is adjacent to junction 27 of the M62/M621 and has 31 units, 29 of which are now occupied. Regarded as one of the most successful business locations of its kind in Yorkshire, current occupiers include CM Downton, Next, EE, DHL and Yodel.
Commenting on the deals Josh Holmes said:
“Orchard Street recently carried out extensive refurbishments in line with their asset management plans making these modern warehouse facilities highly desirable. We are delighted to have let them to two flourishing national operators.”
Carter Towler to Sell Gildersome Police Properties
The Police and Crime Commissioner for West Yorkshire have instructed Carter Towler to sell two of its properties at Turnberry Park, Gildersome, south west Leeds.
Adjacent to the M62/M621, the prominent buildings have recently been vacated by West Yorkshire Police who have moved to new headquarters at Normanton, Wakefield.
Richard Fraser commented:
“We are really pleased to be acting on behalf of West Yorkshire Police with regard to the sale of Brabazon and Sunningdale House. We did in fact sell them the buildings 10 years ago, so it seems fitting that we will be assisting them with the sale.
“Carter Towler won this instruction via competitive tender and, we are confident these sizable properties have a lot of potential. There have already been some enquiries from companies expressing an interest in refurbishing or redeveloping them.”
The 28,350 sq ft Brabazon House and 12,245 sq ft, Sunningdale House both benefit from large secure car parks and are available for sale or to let.
Fully Let at Lister House, Horsforth
Carter Towler has successfully let the last remaining suite at Lister House, Horsforth to 4IT Recruitment.
The letting follows hot on the heels of the January letting of first floor office space to Whitesides Chartered Accountants.
Commenting on the lettings, Philip Shopland-Reed said:-
“The two recent lettings are testimony to the quality of the refurbishment of both the reception and office suites which provide a modern work place with an efficient floor plate for both Whitesides and 4IT Recruitment to work with.”
Lister House is a detached three storey office building located in Horsforth set in attractive landscaping. The building was bought in 2012 and has since undergone a comprehensive scheme of modernisation.
Landmark Offices to Let to Infinity Works
Fast-growing Leeds tech company Infinity Works is expanding and has moved to new premises at Apsley House, Wellington Street, Leeds. Carter Towler acted on behalf of the property’s owner, J Pullan & Sons, negotiating a new lease on the 10,360 sq ft, third floor office suite.
With operations in Leeds and London, Infinity Works employs 100 people and its clients include finance, telecoms, health, gaming and IT services organisations across the UK.
Commenting on the letting, Richard Fraser said:
"Apsley House is one of Leeds’ finest buildings; it’s in a great location and has been completely refurbished to a very high standard. I am sure it will make a fantastic new HQ for Infinity Works."
Paul Henshaw, Infinity Works director added:
"We needed bigger office facilities to accommodate our growing numbers and are really pleased to be able to move into Apsley House, not just because it’s over the road from our original location in Queen Street. The office facilities are perfect for us and it’s at the heart of the professional services quarter, has easy access to public transport links, the inner ring road and motorway as well as bars, restaurants and cafes. It will provide a great foundation for our continued expansion."
There is an additional 12,644 sq ft of space available on the second floor at Apsley House. WSB and Knight Frank are joint agents for the Grade A property in conjunction with Carter Towler.
Carter Towler’s Teamwork Shines at ECCO
The first phase of the nine-acre mixed-use scheme at the junction of Coal and Victoria Roads, Seacroft has been completed and the new single-storey 105,000 sq ft manufacturing and distribution facility let to ECCO Safety Group Europe.
Acting on behalf of the developer, Commercial Development Projects (CDP), Carter Towler negotiated the terms of the letting to Ecco – one of the world’s leading manufacturers of vehicle reversing alarms and emergency services lighting products – in addition to providing building consultancy services for the initial 12 month construction and fit out phase.
Commenting on the project, Chris Priestley said:
"This has been a fantastic project for us to work on. Not just from a letting point-of-view but for Carter Towler as a whole. Our building consultancy team has been working closely with CDP’s construction design team, project managers and the contractors, Marshall Construction West Yorkshire, throughout the 12 month build period.
"Ecco is gearing up its manufacturing and distribution capacity significantly and we have assisted with space planning, specifying and co-ordinating all parties involved to ensure the move from their existing premises to the new facility goes as smoothly as possible."
Two further properties being built on the site are due to be completed in the summer.
Three More Wade Lane Office Blocks For YPP
Carter Towler has just concluded the third of three purchases on Wade Lane, Leeds for long-term client YPP. The Leeds-based property company has just acquired (2nd March) 14,800 sq ft Warwick House off a guide price of £2.1m from Signal Property Investments.
The building is currently let to Interserve Working Futures and generates a gross rental income of £196,000 a year.
Late last year, Carter Towler negotiated the acquisition of Belgrave House, adjacent to Warwick House and prior to that Commerce House, in June 2016.
Commenting on the deals Carter Towler director David Towler said:
"All three properties have been purchased by YPP on behalf of Middle East based clients as an investment. This area close to the Arena and Merrion Centre is flourishing and my client was keen to add these office blocks to his growing portfolio of properties in the city centre.
"I am extremely pleased with the successful completion of Warwick House. It has been a very busy period, not just for us at Carter Towler but the office market generally. We’ve had to be nimble with our negotiations to stay ahead of the competition."
16,200 sq ft Belgrave House was purchased from Wade Lane Developments Ltd off a guide price of £2m and is currently let to Leeds City Council. The gross annual rental income is £243,000.
Commerce House which was owned by Allois Properties was purchased off a guide price of £2.5m. The 22,725 sq ft, 5 storey building with two tenants, Unison and Foundation Credit Counselling, produces a gross annual income of £252,680.
Quality Tenant Secured for Courtyard 31
Carter Towler’s office agency team has successfully secured a new tenant for a 3,830 sq ft office building at Courtyard 31, Normanton. Leading security company Securitas UK has taken a 10 year lease on Unit 1 of the prestigious development which is close to junction 31 of the M62.
Commenting on the deal Philip Shopland-Reed said:
"We are extremely pleased that Securitas has chosen to locate their offices at Courtyard 31. It demonstrates their confidence in the quality of the buildings, and the convenient location provides them with an excellent base in the area. Securitas is a well-respected company and it’s fantastic that they were willing to make such a long term commitment to the property."
There are just two buildings remaining at Courtyard 31 which consists of 9 air-conditioned two-storey self-contained office buildings all with private parking. They are available to let on very competitive terms.
Three Deals in Three Months for Eskmuir
Carter Towler along with JLL have successfully agreed two lease agreements on units at Latchmore Park, Gelderd Road and a further deal on Unit 4 at Stadium Way, Elland Road.
Earlier in the year London-based Eskmuir Properties commenced a refurbishment programme extensively modernising all of its properties at both Leeds business parks.
Commenting on the consecutive deals, Josh Holmes said:
"Eskmuir has done a fantastic job revitalising their properties; they are now in great condition and as a direct result of the upgrades, have attracted a good level of interest."
Unit D at Latchmore Park is 51,555 sq ft and has been let to Rexel UK Limited; Unit C is 20,000 sq ft and is now Interlink Express’ new Leeds parcel hub and 4,550 sq ft Unit 4 Stadium Way is to be occupied by electrical wholesaler Eyre and Elliston.
First Australian Client for Carter Towler
Carter Towler has been appointed by an Australian property investment company to manage their recently acquired industrial estate in Bradford.
This is the first UK investment for the Sydney-based company who purchased the 33,586 sq ft Enterprise 5 Estate in the City from supermarket group Morrisons.
Commenting on the appointment, Tim Rhodes said:
"We are absolutely delighted to be looking after the company’s assets in Bradford. Enterprise 5 Industrial Park comprises 17 units, the majority of which are already let. We will be assisting with identifying further suitable tenants for the empty properties, as well as providing the full range of professional management services.
"It’s fantastic to see another Australian organisation showing such confidence in the City – it’s just what Bradford needs. First we had Westfield’s Broadway scheme and then Redfern Travel was purchased by Brisbane based Corporate Travel Management."
Carter Towler manages over 3000 properties across the UK, many of which are owned by international investors based in countries such as the USA, Africa and Israel but this is its first Australian client.
Speculative development success
Together with Robert Austin & Co we have successfully let 7 units at a new Normanton industrial development. Speculatively developed by Oakwell Securities, it has taken just 6 months to find tenants for each of the buildings at Valencia Court. The new tenants include Siemens, Vanguard Security and AC-Sys Ltd.
Commenting on the success of the development Mathew Austin of Robert Austin & Co said:
"It’s great to see how successful this project has been. The units range in size from 1,500 – 3,200 sq ft and are ideal for light industrial businesses, those requiring smaller warehouse spaces or as trade counters.
The properties were released in May and it has taken just 6 months for the scheme to become fully let. Suffice it to say, all parties are very pleased with the progress of the development."
Josh Holmes added:
"We were very confident Valencia Court would prove to be a popular scheme and it has! There is considerable demand for high quality, smaller units like these across the region."
Headingley Hat-trick for Retail Team
In the last few of months we have successfully negotiated a hat-trick of new leases in Headingley. Our retail team has brokered the deals, two for properties on North Lane and the third on Otley Road, all with separate landlords.
Commenting on the deals, Pete Bradbury said:
"Headingley has always been a popular location and it seems to be buzzing even more now than ever. There’s an eclectic mix of retailers, bars, restaurants and offices which make it a very vibrant suburb and I’m sure the new tenants will thrive there."
The three lease deals are: 11a North Lane which has been let to electronic cigarette retailer, Totally Wicked on a 5 year lease; 31 Otley Road, has been let to Brain Tumour Research Campaign for 10 years and 34 North Lane has been let to The Fancy Dress Experience also on a 10 year lease.
Grade A instruction for Carter Towler
Carter Towler has been appointed, alongside Knight Frank, to market newly refurbished 12 Greek Street. The Grade A 7- storey office building in the centre of the city’s business district has recently undergone an extensive £2m transformation.
The comprehensive upgrade included changes to the building’s exterior which now features a highly contemporary bronze-clad façade as well as ultra modern common areas including impressive entrance and reception area.
It also has state-of-the-art security, lighting, heating and ventilation and many additional high-end facilities such as showers, ‘club class’ lockers and drying cabinets.
Commenting on the instruction Richard Fraser said:
"We are highly delighted to have been appointed by the building’s owner London-based investment company, Ricsion LLP . The attention to detail throughout the refurbishment has transformed this into an exceptional office building which will attract a lot of interest from prospective tenants."
"There are 14,621 sq ft of offices available which can be taken as a whole or divided into suites. Either way, this building will make a very prestigious corporate base for businesses looking to offer their staff and customers the very best in terms of location and facilities."
Speculative Industrial Units for Aire Valley Enterprise Zone
Carter Towler will soon be marketing a number of small and medium-sized industrial units at Thornes Farm Industrial Estate, part of the Aire Valley Enterprise Zone.
The speculative units are part of a development proposed by Leeds-based ACS Stainless Steel Fixings (ACS), the leading building structural components manufacturer.
ACS has applied for planning permission for a number of trade counters and industrial units ranging from 2,650 to 8,650 sq ft.
Josh Holmes added:
"ACS is a progressive company and it’s fantastic to see them doing so well. It might seem to be a bold move to construct these premises but there are very few smaller, good quality, industrial premises available in the region. We know there is demand. “The added financial benefits offered by the Enterprise Zone in the form of rates relief, will make the Gateway Trade Park even more appealing to businesses in search of a new location. We are looking forward to marketing the new units very much."
New York House Sold to Rushbond
Acting on behalf of property investor and developer, Evans Property Group, Carter Towler has recently concluded the sale of New York House to Rushbond Plc.
The 19,766 sq ft, four storey building on the corner of Harper Street and New York Street currently has four retail units on the ground floor with 11,500 sq ft of office space on the three upper floors.
Commenting on the sale Richard Fraser, said:
"This has been a particularly satisfying project to work on as both Evans Property Group and Rushbond Plc are longstanding clients of ours. The building is in a really good location and has lots of potential. It will be interesting to see what Rushbond, who has a proven track record in successful urban renewal, do with it."
Carter Towler acted as joint agents with JLL on this deal.
Grade ll Highfield House, Ripon Sold by Carter Towler
Carter Towler and Greenoak Development Consultancy acting jointly have just concluded the sale of Highfield House, Kearsley Road, Ripon on behalf the property’s private owner. The imposing Grade II listed building has been sold to London-based Prestigic Holdings off a guide price of £700,000.
Adjacent to College and Highfield Business Parks, 7,332 sq ft Highfield House is set in 2.8 acres of grounds and is currently leased to North Yorkshire County Council.
Commenting on the deal, Carter Towler director David Towler said:
"This is a very fine property with an excellent long term tenant; it also has significant redevelopment potential should the new owners wish to explore that option in the future.
I am delighted for my client with the outcome of this deal."
Coronet House is Fully Let
Carter Towler has just let offices at Coronet House, Queen Street to award-winning IT consultancy, BJSS. The consultancy has taken an additional 6,000 sq ft of ground floor office space at the central Leeds location. Coronet House is now fully let.
BJSS currently employs over 200 people in the Leeds area alone and has operations across the UK and USA.
Commenting on the letting, Richard Fraser said:
"We are delighted that BJSS has taken the remaining space in the building, it’s great to see such a dynamic company doing so well and what’s more they are great neighbours – Carter Towler’s offices on the top floor of Coronet House!"
Stuart Bullock, BJSS board member added:
"The ground floor space at Coronet House adds to the over 21,000 sq ft we already have across the first, second and third floors of the building. We are pleased that Coronet House continues to play a role in BJSS’ expansion."
£2.2m Normanton Factory Purchase
Carter Towler’s investment team has just concluded the £2.2m purchase of a 39,000 sq ft manufacturing unit at Tyler Close, Normanton on behalf of London-based property European investment and asset management company Avignon Capital Limited.
The modern detached facility, adjacent to the A665 Pontefract Road and close to the M62, is currently let to Harvard Engineering, a world leading energy saving lighting manufacturer.
Commenting on the purchase David Towler said:
"This has been a particularly satisfying deal to be involved with, our client Avignon Capital has acquired a very good industrial investment property with an excellent tenant. The price paid, annual income and 8.5% net of costs return together makes this an exceptionally good deal considering the current trading conditions."
Harvard Engineering has a 15 year lease on the property which has a further 10 years to run.
Louis Duffield, Investment Manager at Avignon Capital added:
"We continue to grow our UK portfolio and recognise new acquisition opportunities. Tyler Close was attractive to us as the property is in a strong industrial location, which is also benefiting from further development. It is a large, high quality, recently refurbished industrial warehouse and office facility which is being put to great use by an innovative manufacturing tenant; we are delighted with the purchase."
Oxford Place Letting is Child’s Play
We have just finalised the letting of 5-6 Oxford Place, adjacent to the Town Hall, in Leeds civic district. The impressive, self-contained, 3,930 sq ft, 4 storey building is currently being internally remodelled ready for new tenants, Twinkles Nurseries.
Commenting on the letting, Richard Fraser said:
"There is a shortage of quality children’s day care facilities in the city centre; it’ll be a fantastic addition to the amenities available to families living and working in the city centre."
"Twinkles Nurseries has been a great client to work with, they are a very enlightened and progressive business whose track record in providing top quality early years childcare speaks for itself. They have won a whole host of awards and are growing steadily."
Founded in 2000 by former primary school teacher Jill Johnson, Twinkles has 5 nurseries across North and West Yorkshire. Oxford Place will be the company’s sixth and is due to open in the autumn.
Healthy Move for Pulse
Carter Towler has let the 2nd floor of Fountain House, 4 South Parade to Pulse Healthcare Ltd. The healthcare recruitment agency, who has offices nationwide, has taken a 5 year lease on the 4,995 sq ft office suite.
Carter Towler's Philip Shopland-Reed commented:
"Fountain House is a very impressive building not only because of its imposing Headrow façade and location at the heart of the city centre business district but also because its proximity to the train station, commuter routes as well as shops, restaurants and bars which make it a great place to work.
"Individual office suites and communal areas have all been completely refurbished and are now very smart and contemporary including LED lights throughout. There are however still suites available on the lower ground, ground and first floors."
Industrial Letting Success
Carter Towler has just completed the successful letting of E3 DeVilliers Way, a new build industrial unit, on behalf of fund management company St Bride's Managers.
Global manufacturer, ITT Industries Limited, a subsidiary of ITT Inc, has taken the property on a long term lease and is now gearing up to commence production at the Trident Park, Normanton site later this summer.
ITT Industries is a leading manufacturer of highly engineered, customised solutions for the oil & gas, petrochemical, chemical and industrial markets.
"This has been a fantastic project for Carter Towler, the unit is high spec and in a great location at junction 31 of the M62," explains Josh Holmes.
"Trident Park has a number of top quality tenants including West Yorkshire Police, Bosch Rexroth, SEW Eurodrive and now ITT Industries. St Brides' foresight in forward funding the unit has proved to be a very shrewd business decision; there was a lot of interest in leasing it."
Full House For Industrial Park
Overland Park at Gelderd Road was one of the first industrial parks to be refurbished in the city following the recession. Now the 8.72 acre, 14 unit site is full. The last remaining property has been let to Anchor Bay Construction Products Ltd in a deal brokered by Carter Towler.
The 116,346 sq ft development, on junction 27 of the M62, was refurbished in 2011 by landlord CBRE Global Investors.
Commenting on the letting Josh Holmes said:
"Concluding the final lease with Anchor Bay is really significant because it shows just how far Leeds' industrial property market has come in the last 4 years."
"The business park has been transformed from the previously low grade site it was and is now an impressive modern commercial hub that is full to capacity with flourishing businesses."
Middle Eastern Investor Purchases Zicon House
Carter Towler has just concluded the purchase of Zicon House, Wade Lane, Leeds on behalf of a Middle Eastern investor who has plans to convert the 3 storey 23,000 sq ft office block into apartments.
Adjacent to the Merrion Centre and close to the First Direct Arena, Zicon House was purchased off a guide price of £2.3m. Permitted Development Rights have already been granted for 65 studio and one bedroom apartment scheme.
Commenting on the deal, Carter Towler director David Towler said:
"This is the seventh deal we have done with Leeds-based property company YPP who represent this client and we are thrilled with the successful outcome of this particular deal. We had to act quickly to tackle one or two challenges including negotiating the removal of a restrictive user covenant. The market is very buoyant at the moment; there was a lot of competition."
Plans to convert the building from office to residential use have been made possible by the Government's relaxation of the planning regulations in the form of temporary permitted development rights. These changes have facilitated a raft of conversions and have contributed considerably to the vibrancy of the city centre. There is now a plethora of new private and student living accommodation under development.
Abdulaziz Al-Nujaifi of YPP added on behalf of the purchasers:
"Leeds is a prosperous city and the area around the Arena has a great deal of potential. Our other developments in the city have been very well received; indeed Q One, formerly Brunswick Point, which is adjacent to Zicon House and which we recently completed, is now fully let and occupied."
"We are already seeing significant new investment in the hotels, restaurants, bars and shops close to Zicon House and are confident our apartments will provide very attractive and conveniently located homes for people working or studying in the city centre.
Sheffield Dairy Site Sale
Carter Towler has successfully overseen the sale of a former dairy in Sheffield on behalf of Co-Operative Estates.
The 1.58 acre Hemsworth Road site, which has planning permission, consists of a variety of buildings including single storey structures and a two-storey farmhouse. The site has been purchased off a guide price of £1m by Bracken Burrows Ltd, a Sheffield-based developer who plans to retain and refurbish the farm dwelling and build an additional 13 new homes.
Commenting on the sale David Towler said:
"The site was one of the Co-op's original dairy facilities; it is in a very nice location just 4 miles south of the city centre and surrounded by lots of green space including playing fields, a golf course and the Peak District National Park is just a few miles away. It's good to see the site being revitalised."
Celebrations Come in Threes
We are delighted to announce a trio of promotions at Carter Towler.
Josh Holmes is now an Associate Director, achieving this senior position at a relatively young age is testament to his hard work and the outstanding contribution he is making to the business.
Steve Spittlehouse has been promoted and is now an Associate Surveyor. A dedicated member of our Management department, Steve's promotion reflects his long term commitment to Carter Towler and the increasingly important role he is undertaking.
And last but by no means least, Mark Green, who recently switched teams - transferring from Management to Landlord and Tenant - is making fantastic progress and has been promoted to Associate Surveyor.
Hearty congratulations to the three of you...and indeed to the whole of the company. We have just found out that we have won three awards. Firstly Estates Gazette's Yorkshire Overall Regional Deals Winner. On top of that Josh has been named North and West Yorkshire Deal Maker and third, we have retained our EGi North & West Yorkshire Deals Winner title - for the 9th consecutive year!
Commenting on the recent successes Ian Greenwood said:
"We have been incredibly busy and I am extremely grateful to everyone at Carter Towler for all their hard work."
"The commitment everybody has put in to making sure we provide the very best service for our clients has been exceptional. We have a number of new staff and newly promoted staff who have got stuck into their new roles and are providing very valuable additional support."
Property Investment Expands Portfolio
Acting on behalf of long standing client Beltowin Estates Ltd, Carter Towler has successfully concluded the purchase of a 3000 sq ft retail unit and small redevelopment plot in Manchester.
Currently leased to One Stop Stores Ltd for a term of 15 years, Beltowin paid £325,000 for the recently refurbished property on Moston Lane East, Manchester.
Commenting on the deal, David Towler said:
"This is a great property investment for Beltowin for a number of reasons. The property is in a good location, is let to a high quality tenant on a long FRI lease and includes a small site for development. We agreed a good price which represents a net initial return of 7.35%."
West Yorkshire-based Beltowin Estates has been a client of Carter Towler's for many years. Our management and investment departments look after the company's portfolio of properties throughout Yorkshire and Lancashire.
Carter Towler have successfully concluded a sale of the former Head Office of J M Glendinning Group in Park Road Guiseley off an asking price of £650,000.
Airedale House comprises some 5,400 sq ft of high quality air conditioned offices with parking. The property has been sold following a successful change of use application to The Ashley Gospel Hall Trust.
J M Glendinning Group CEO, Paul Glendinning, commented:
"The rapid expansion of our business necessitated a relocation to our new Head Office, Elmwood House in Guiseley. Airedale House became surplus to our needs but hit the market at a challenging time. The Agency team at Carter Towler showed great patience and perseverance in getting the sale over the line. We're delighted with the outcome."
Middlesbrough Industrial Park Is Fully Let
Carter Towler's Property Management team is celebrating the conclusion of an intensive 30 month project - the revamping and letting of a 9 unit industrial park in Middlesbrough.
Since being appointed in 2013 by client Bawnmeadows Properties, we have systematically upgraded the entire 15,492 sq ft freehold Murdoch Road site at Skippers Lane Industrial Estate close to the A66.
All brickwork, roofing and exterior fittings have been repaired or replaced and additional improvements such as on-site security and monthly maintenance services are also being provided.
Property Manager, Heather Aspin commented:
"The industrial park was purchased by our client from the Receiver and was in a rather sorry state. Now it has been transformed and is attracting a lot of interest from local businesses looking for smart and flexible premises. It's really satisfying to see the estate fully let and bustling with activity."
Our Office Agency team has just successfully pre-let offices in Headingley to marketing company, Principles Agency.
Acting on behalf of property development and investment business, ATC Properties, Carter Towler has negotiated a 6 year lease on 8,900 sq ft at White Rose House, Otley Road. Previously let to Leeds City Council, the suite of offices has been extensively refurbished.
David Barrass, ATC Properties Managing Director said:
"I am delighted with our new tenants. Principles is a very well established business with an excellent reputation."
"Two other premises were shortlisted alongside White Rose House but the plethora of local amenities really worked in our favour. Headingley's vibrant shopping, cafe and bar scene clinched the deal."
Carter Towler's Richard Fraser concludes:
"Headingley has always been a popular choice for businesses in the marketing sector and Principles move from Roundhay really consolidates that."
Staying Local Makes Sense
Electrical goods company Hisense has taken 5,100 sq ft of offices at Meadow Court, Millshaw, Leeds 11. The company is the UK-subsidiary of one of the world's biggest manufacturers of flat screen TVs, smart phones and household appliances. It had outgrown its original premises just a stone's throw away.
Commenting on the relocation Richard Fraser said:
"Hisense was very happy with its location; Millshaw is so close to the motorway and city centre, as well as being handy for a number of retail parks along the outer ring road such as White Rose but they needed more space. These top quality offices were available at competitive rates and a lease for 5 years has been agreed."
Meadow Court is a courtyard style development of 5 modern two storey brick office buildings.
Thompsons Solicitors Relocate
Acting on behalf of one of Schroder's office investment funds Carter Towler's Office Agency team has just concluded a deal with Thompsons Solicitors LLP. The legal practice has offices across the country and was looking to relocate its established Leeds team.
Following a thorough search, Thompsons selected the recently refurbished 7,250 sq ft ground floor office suite at Coverdale House on East Parade in Leeds City Centre.
Commenting on the relocation Richard Fraser said:
"It's always great working with thriving companies that need new premises and we are particularly pleased with Thompsons' choice. The offices and the location are perfect for them; they're in the heart of the legal/business district and are complemented by an excellent range of shops, cafes and transport links."
Green Light for Ambulance Manufacturer
Acting as advisors for Axa Real Estate Investment Managers Ltd, our Industrial department has successfully managed the sale of a 28,500 sq ft warehouse at Commondale Way, adjacent to the M606 in Bradford.
Following a brief marketing campaign which attracted three interested parties, Carter Towler has agreed a deal with Huddersfield vehicle conversion company VCS Ltd.
Commenting on the sale Josh Holmes said:
This was a great project to work on, both the client and the purchaser are really pleased with the outcome, and so are we.
"VSC has won a number of significant new contracts for its police and ambulance vehicle conversions in recent months and needed additional design and production facilities. It's good to see a local manufacturing company doing so well."
Our Office Agency team has successfully let 8,700 sq ft at No. 1 Trevelyan Square to the Department of Health.
Situated just off Boar Lane and opposite Trinity Leeds, the offices will facilitate the government department's expansion. The third floor space has been leased for 3 years.
Commenting on the deal Richard Fraser said:
"Trevelyan Square is a very attractive courtyard of fabulous buildings - this is one of the oldest squares in the city centre. The building is very well maintained and provides those working there with easy access to car parks, the station and of course all the city centre amenities are right on the door step."
New Leeds HQ for Beauty Brand
On behalf of Caddick Developments Limited and Prose Investments Limited we have just completed a new letting to High Definition Group who has taken a 5 year lease on premises at Rose Wharf, Leeds.
The 7,000 sq ft Riverside Suite will be the UK headquarters for the rapidly expanding eyebrow treatment brand which was originally founded in South Elmsall in 2008.
Joanne Kennedy, High Definition Group Managing Director commented:
"Our investment in these premises is about building the future of the High Definition brand. We have been able to create a space that not only meets our needs but importantly creates a statement about the kind of business we are: ambitious, forward-thinking, and well established, with a timeless, elegant edge."
The landmark building is an award winning conversion of a Grade II former flax mill, providing large, light and character-full office space.
Property Management Success
Carter Towler's Property Management team have also been celebrating. A private client has instructed us to provide a full property management service for 32 properties across Yorkshire and the North of England. The properties are both stand alone and multi-let and include retail, leisure, office and industrial units.
Commenting on the contract, Tim Towler said:
"This is a fantastic piece of business for Carter Towler because it not only draws on our knowledge and experience in property management, rent collection, maintenance and service charge administration, but also draws on the full breadth of other services we provide, including lettings, professional rent review and lease renewal work and refurbishment. The work extends beyond what is usually considered to be our normal geographical reach, the Yorkshire Heartland, into Lancashire and the Midlands."
"As well as looking after all aspects of managing the occupied properties in the portfolio, we will also be assisting the clients with income stream solutions on a small number of unoccupied units."
'Deal of the Year' Winners
Carter Towler is delighted to have scooped the Yorkshire Business Insider Property Deal of the Year award for its work in marketing and letting of the XL industrial park at Link 62 Normanton.
Working on behalf of developers, Marshall CDP, the 525,000 sq ft development represents the biggest single property let in the company's history.
Ian Greenwood commented:
"We are especially proud of this deal not only because of the sheer scale - at 525,000 sq ft this is one of the biggest industrial properties in the region - but also because of the excellent working relationships fostered between all parties.
"Working closely with joint marketing agents CBRE, we have managed to secure a fantastic tenant, Poundworld Retail Limited, who will be opening a new distribution centre and creating 300 new jobs as part of its ambitious expansion plans."
The bargain retailer was keen to enhance distribution capabilities here in its Yorkshire heartland. We let them their 215,000 sq ft warehouse facility at Axis 62 (adjacent to Link 62) five years ago and we are delighted to be working together again now.
Axa Purchases John Lewis Warehouse
Carter Towler acted as advisors to Axa's UK Long Lease Property Fund in the £6.2m purchase of the 50,500 sq ft state-of-the-art John Lewis distribution warehouse now being built at Logic Leeds.
Sold by Muse Developments, work has started on the customer delivery hub and is scheduled to be completed early next year. John Lewis has signed a 20 year lease for the new facility which will service orders from the York and new Leeds stores.
Commenting on the deal Ian Greenwood said:
"This has been an exceptional project on many levels for Carter Towler. Working with one of the UK's favourite retail brands and one of the biggest property funds is a real coup. The market is highly competitive and we've managed to broker a fantastic forward funding deal which is a great result."
Fit for a King
The Office Agency team have just completed a letting on the second floor within Carlton Tower on St Paul's Street in the heart of the office core of the city centre.
Following a wide search around the city for new premises, Cartwright King Solicitors ended up choosing Carlton Tower over the competing buildings and signed a new 10 year lease on 2,600 sq ft.
With an additional 1,250 sq ft also under offer in the building this just now leaves the last remaining suite on the fifth floor.
Bruntclife Trading Estate, Morley
Carter Towler have completed the sale of the 89,000 sq ft Bruntcliffe Trading Estate to Kass Bathroom Products on behalf of their client Beach Front Properties.
The estate was fully refurbished prior to the sale, a project which was managed by James Gibson of Carter Towler's Building Consultancy team.
Kass Bathrooms are to occupy circa 55,000 sq ft of the estate and have agreed to let the remainder to Viamaster in another deal that was brokered by Carter Towler.
Josh Holmes, who put the deal together, commented:
"Kass had been looking for a freehold opportunity in South Leeds for a long time and Bruntcliffe presented a perfect opportunity for them with expansion space to move into as their business continues to grow. The freehold market is going from strength to strength and with a lack of available product we are seeing a lot of interest when we put a freehold unit on the market."
Double Brace Of Deals For Carter Towler Office Agency Team
Following a number of deals completing within a matter of weeks, 31/32 Park Row is now 90% let with only two suites remaining in the building.
Two existing tenants within the building took expansion space, with Event Genius relocating to the first floor into 3,175 sq ft and the Cordant Group taking two more suites totalling 1,785 sq ft.
Front Row Legal relocated from The Round Foundry Media Centre and now occupy 1,375 sq ft on the third floor. In addition to these lettings another suite of 1,270 sq ft is under offer to a recruitment firm.
The landlord, Aegon, has invested in the building and the much needed refurbishment upgrade is now reaping the reward with this letting success.
Winners of 'Best Small Agency'
In the category for firms with less than 20 partners, Carter Towler has won 'Best Small Agency Practice' at the recent Yorkshire Property Awards 2015.
The awards which represent the industry's 'premier awards' ceremony recognised Carter Towler as having 'a long track record of knowing its market'.
The awards help raise essential funds for Variety, the Children's Charity, to improve the lives of disadvantaged children throughout Yorkshire.
15,000 Sq Ft Supermarket Let!
Acting on behalf of the Co-operative Group we have recently completed the letting of a 15,000 sq ft supermarket in Grimsby Town Centre to discount retailer Poundland.
Anthony Jackson commented:
"We worked very hard to secure Poundland for our client. The letting emphasises the continued appetite in the discount retailer market for additional stores"
Design and Build Deal Agreed at Trident Park
Acting on behalf of the developer, Commercial Development Projects, Carter Towler have agreed another design and build deal on the enduringly popular Trident Park, Normanton.
Wakefield District Housing have signed a Design and Build contract to take a 38,000 sq ft warehouse on Rosie Road from which to base their operations.
Ian Greenwood commented:
"Wakefield District Housing saw the quality of the speculatively developed Unit C Rosie Road which was snapped up by Speedy Hire prior to completion. They follow in the footsteps of a number of major regional and international occupiers that have decided to locate themselves at Trident Park, including Bosch Rexroth, Fyffes, SEW and Forza."
There are still a couple of plots left at Trident Park and other development opportunities exist within the area. For further information please contact Ian Greenwood.
The Office Agency team have had a successful run of lettings at The Bourse in the centre of Leeds in the first quarter of 2015.
Following an extensive search to relocate from the building, Robert Half, an existing tenant in the building, agreed a new 5 year deal on the ground floor of No.2 Sterling House.
In February, Microdentistry, an Italian specialist dentistry practice, signed a new 20 year lease on the first floor of No.1 Equity House after an extensive search of the city centre. The Bourse will be their first premises in the UK. The third deal to complete was a letting on the 2nd floor of No.1 Equity House where a niche recruitment firm, NJP Selection, took 1,500 sq ft on a new 5 year term.
This now leaves only two vacant offices to let in the building ranging from 1,000 to 2,600 sq ft.
For the 8th year in a row our Agency team have been confirmed as the most Active Agents in North and West Yorkshire in the latest EGi Deals Competition.
In addition to the overall award, Josh Holmes in our Industrial Agency team, was awarded "Deal Maker" of the year and our Office Agency team were confirmed as the Most Active Office Agents in Yorkshire. All 3 of these much coveted awards are based on actual deals done and reflect our continued ability to deliver results in a very competitive market.
Leeds's Largest Out-of-Town Office Deal of 2014
Acting on behalf of Rushbond Plc we have recently completed Leeds's largest out-of-town office deal of 2014 after letting a newly refurbished 5 storey building, extending to 24,000 sq ft, to global digital marketing agency Search Laboratory.
The building, known as Blokhaus, is a landmark building fronting onto the Leeds Outer Ring Road at West Park, Horsforth.
Refurbishment works had only just started when we latched onto the requirement from Search Laboratory and we quickly negotiated Heads of Terms in order that both parties could legally commit to the transaction whilst the refurbishment works were still ongoing.
Our joint agent was Jones Lang LaSalle.
New Handelsbanken Acquisition
Acting on behalf of Handelsbanken we have recently acquired 8,300 sq ft of prime Grade A office accommodation in No. 1 Whitehall Riverside.
We were instructed to search for and acquire new premises suitable for the new Yorkshire and North East regional head office for Handelsbanken. Having identified No. 1 Whitehall Riverside as the best existing Grade A city centre office building currently available we successfully negotiated to acquire 8,300 sq ft on the 4th floor by way of a new 10 year lease at a new record headline Grade A rent in Leeds of £26 per sq ft.
Our client, Simon Lodge of Handelsbanken, said. "We are really pleased to have secured space in No. 1 Whitehall Riverside. It is the best building for all our business needs and we are pleased to commit to a long term lease".
Good Quarter for Office Agency
The 4th quarter of 2014 proved to be a good quarter for the Office Agency team at Carter Towler. As well as acquiring over 8,000 sq ft for a new Handelsbanken regional office we let nearly 25,000 sq ft in just four separate transactions involving both city centre and out-of-town buildings.
A floor of Stockdale House at Headingley Office Park was let to Bartfield Accountants (7,018 sq ft) and a floor in Coronet House on Queen Street in Leeds city centre comprising 6,990 sq ft was let to BJSS.
We also let two self-contained office buildings at Airedale House, Guiseley and 93 Water Lane, Holbeck to Shipley Hydroponics and This Is My respectively with each building providing approaching 5,500 sq ft.
Watch this space for the announcement of further lettings in Q1 2015!
Leisure Lettings in Leeds City Centre
Our Retail Agency team have recently completed 3 key leisure lettings in Leeds City Centre.
American burger chain Five Guys and Bristol based restaurant chain Pieminister have both taken new units on Duncan Street. In addition craft beer bar chain BrewDog have taken 4,000 sq.ft in Crispin Lofts on North Street.
Anthony Jackson, Director in Retail Agency commented:
"We are delighted to secure these 3 lettings which will provide great additions to the city's vibrant and expanding leisure scene".
Carter Towler have been appointed alongside JLL to market the newly refurbished Unit D, Latchmore Park, Leeds on behalf of Eskmuir Group.
Unit D comprises 51,550 sq ft of newly refurbished modern industrial/warehouse accommodation that has been finished to an exceptionally high standard.
Josh Holmes, Associate in Industrial Agency, commented:
"There is a real shortage of supply in the West Yorkshire market for warehouses of the size and quality of Unit D Latchmore Park. We have already received good interest in the building and we had a very positive response from the Leeds industrial agents at our marketing launch last week".