M621 Leeds: 'Unloved' City West business park bought by property firm in major deal
A nearly 100,000 square foot business park just off M621 in Leeds, which has been described as "unloved," has been purchased by a property company for an undisclosed amount.
The City West business park is currently occupied by companies such as Regus, Cennox, Ascensor, and Sedgwick. Overcliff Ltd acquired the property from its previous owners, Harbert, in what has been termed a "significant deal" for the "under-valued" development.
The office park is managed by Davlea Estates, based in Salford, with Knight Frank and Sanderson Weatherall serving as joint letting agents. David Reisner of Davlea Estates stated that Overcliff Ltd recognised the building's "great location and very good condition," although it was clearly "unloved”.
He said: "The service charge was very high, and they [Overcliff Ltd] felt that 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."
Elizabeth Ridley of Knight Frank added that under the new ownership, the buildings will benefit from investment, including upgrades to the reception area to "create a sense of arrival" along with high-quality facilities.
City West comprises 93,000 square feet of offices in three buildings located just 1.5 miles from Leeds city centre and 800 metres from Junction 1 of the M621 motorway.
Ms Ridler said: “The three office buildings are set within a mature landscaped environment with substantial car parking spaces. The available Grade A space ranges from 4,000 square feet, with some 47,625 square feet available to let at a rent of £20 per 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 added: “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 go 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 upgrading 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.”