Overcliff has purchased City West business park in Leeds from Harbert for an undisclosed price.
The 93,000 sq ft park, which is located close to Junction 1 of the M621, comprises three buildings and counts Regus, Cennox, Ascensor and Sedgwick as occupiers.
The park is managed by Salford-based Davlea Estates, which has appointed Knight Frank and Sanderson Weatherall as joint letting agents.
David Reisner, from Davlea Estates, said: “My client purchased the property as they felt the building was in a great location and in very good condition, but clearly unloved. The service charge was very high and they felt if tenants had a caring landlord, there would be more demand. We have already saved a lot of money and we plan to refurbish the reception area very shortly.
“We met plenty of agents, but both Knight Frank and Sanderson Weatherall demonstrated their market expertise and both had a lot of passion, which is what we need to let the space.”
Elizabeth Ridler, office agency partner at Knight Frank, added: “Following this significant deal, we will be asset managing and working with existing occupiers who want to grow their presence on this under-valued office park. Under the new ownership, there will be investment in the buildings, including improving the reception area to create a sense of arrival, together with high-quality end-of-journey facilities.
“The three office buildings are set within a mature landscaped environment with substantial car parking space. The available Grade A space ranges from 4,000 with some 47,625 sq ft, available to let at a rent £20/sq ft, inclusive of service charge. This is a rather special appointment for both myself and Richard Thornton of Sanderson Weatherall, as we were both involved in letting City West on behalf of the original developers Tiger Developments back in the day. It is wonderful to be promoting City West again.”
Richard Thornton, partner at Sanderson Weatherall, said: “Sanderson Weatherall are delighted to have been appointed as joint lettings agents with Knight Frank. I for one am very much looking forward to working on letting City West again with Lizzie Ridler. It is great to be back involved advising Davlea Estates, who are undertaking a contemporary refurbishment of the reception areas and upgrade the space.
“The attractive fundamentals of the scheme have not changed with City West being ideally located so close to the M621 with the White Rose Shopping Centre very close by. City West will appeal to a wide range of occupiers, the scheme being very competitively priced and on very flexible lease terms.”
