Sign up for free to receive the latest news straight to your inbox
The Leeds Kirkstall Bridge business park has been bought by an anonymous institutional investor for £ 25.2million.
Real estate group LondonMetric acquired the site in 2011 and spent £ 12million to develop it into a 120,000 square foot Kirkstall Bridge retail park, which opened four years later.
LondonMetric has sold its business parks and increased its investment in last mile logistics.
The 18-unit park is now fully leased after The Range opened a 21,000 square foot store in May, replacing the old M&S and Outfit locations. The home and garden retailer has joined Home Bargains, Smyths Toys, Iceland, Pets at Home and JD Sports in the retail park on the outskirts of Leeds city center.
Andrew Jones, Managing Director of LondonMetric, said: “This is a strong business park and its sale is in line with our strategy to divest our last remaining multi-tenancy business parks.
“We have seen an increase in investor interest in well-leased and located business parks, which is reflected in the sale price achieved.
“Our strongest conviction calls remain urban logistics and convenience-driven long-term revenues and the proceeds from the sale will be allocated to these sub-sectors. “
The sale will be finalized at the end of September 2021.