Member Article

Merrion Shopping Centre owners make £4.48 million industrial acquisition

Leeds property company Town Centre Securities plc, the firm behind the Merrion Shopping Centre in the heart of the city, has made its first acquisition for sometime in the industrial property sector.

The company has acquired the freehold interest in Units 2, 3 and 6 Waterside Business Park, Stourton, Leeds from clients of CBRE Investors.

The high quality multi-let industrial estate is strategically located in the prime industrial and distribution area of Leeds with excellent access to the national motorway network.

Constructed in the late 1990’s the property comprises three detached warehouse buildings totalling 77,400 sq. ft. The units were purchased for £4.48 million, reflecting a net initial yield of 7.25%.

Edward Ziff, chairman and chief executive of Town Centre Securities commented, “Working with leading sector specialists, Gent Visick, we are delighted to have concluded this acquisition.

“The property is a logical and complementary diversification for our existing portfolio.”

Garry Howes, Investment Director at Gent Visick, said, “This is a strategic acquisition for our client and confirms the strength and depth of demand for fundamentally prime stock in the industrial investment market.” DTZ Leeds office acted on behalf of the vendor, CBRE Investors.

This was posted in Bdaily's Members' News section by Clare Burnett .