A 16-acre industrial park in Leeds has changed hands in a £25 million deal.
Total Park, brought forward by Total Developments, has been bought by life and pensions company ReAssure Ltd. It includes four let units. Total acquired the site, in the Aire Valley east of Leeds city centre, in 2018.
Edward Chantler, chief executive, said: “The disposal of Total Park Leeds represents an important milestone for us. Pontefract Lane was the first acquisition of our revised urban logistics strategy, where in 2018 we refocused towards sites in close proximity to the top 20 towns and cities by population density, specifically locations with unfettered motorway access.
Read more: Huge West End scheme for Leeds City Centre moves forward
“As is our specialism, the site had complications. Working with M1 Agency and C4 Projects we overcame the implications from various service media that crossed the site. To achieve this, we successfully designed and implemented a multi-unit development capable of exit on three bases - a standalone unit, pre-let to DHL, and two smaller units targeting the aggressive LLH owner occupier market and an intact prime three-unit mid-box park investment.
“With over one million sq ft under construction across five schemes and a further five schemes in planning, we continue to strategically acquire sites across the UK to further build the Total Developments brand. With our continued focus on creating best in class space, all our sites are committed to meet the ever-growing ESG agenda.”
Total was advised by Shoosmiths, with real estate partner Daniel Monaghan leading.
He said: “Shoosmiths has worked with Total Developments from the start of this project. It is a partnership spanning over four years, culminating in the company now successfully selling its remaining interest in Total Park, which is a grade A scheme and already home to major tenants including DHL.
“The legal advice provided on this project covered site acquisition, unit leases and sales – demonstrating the breadth of expertise Shoosmiths’ real estate division can provide.”
M1 Agency acted as the commercial real estate consultant.
