Member Article

Carcraft sale highlights revival of out-of-town property market

Sterling Capitol’s multi-million pound sale of the Carcraft site at Capitol Park in Tingley, south Leeds, to AvailableCar has been hailed as one of the most significant out-of-town property deals in Yorkshire this year.

Tom Lamb, associate with Knight Frank’s industrial property team in Leeds, commented that the sluggish out-of-town market, which was badly hit during the recent recession, was now picking up sharply

“The swift sale of the 11.5 acre site, which only became available when Carcraft went into receivership earlier this year, is a welcome indication that confidence is returning to the market. It is fitting that that this deal took place at Capitol Park, Leeds, one of the first – and best – business parks in the county,” said Mr Lamb.

Carcraft moved into Capitol Park Leeds, by Junction 28 of the M62, in the spring of 2004, renting the large site in the heart of Capitol Park West from Sterling Capitol.

Following the Carcraft sale, Sterling Capitol, a leading Yorkshire property development and investment company, is to embark on an exciting development programme.

Mike Heydecke, on behalf of Sterling Capitol, said: “The AvailableCar sale is a very important deal for us, as it allow us to concentrate on future developments at all of our motorway business parks at Leeds, Barnsley and Goole. We have some extremely exciting plans agreed, which will create much-needed business space and jobs in both West and South Yorkshire.

“It is also important because a thriving car showroom in the heart of Capitol Park West provides momentum for the whole business park. Capitol Park itself is a tremendous success story and recent lettings and deals have taken it to the 1,500 jobs target for Phase One. It is one of the brightest stars of the Yorkshire out-of-town business park sector and continues to attract first-class tenants. With a superb new car showroom on site, we are looking to build on this success.”

“As a company, we are extremely proud of what we have achieved in Yorkshire. Job creation is at the heart of our plans and we have developed the most impressive business parks in Yorkshire, with an excellent mix of tenants and facilities. Premier business locations like our Capitol Parks remain popular in a testing economic climate”.

Rebecca Schofield, partner and head of industrial property at Knight Frank in Yorkshire, said: “This deal graphically illustrates that the region continues to be popular with investors and occupiers and underlines that well-located buildings will always prove attractive.”

She added: “Sterling Capitol have a fantastic track record of developing quality business parks in strategic locations in Yorkshire. This deal is both a testament to the company’s achievements and a passport to future success.”

AvailableCar, based in the East Midlands, bought the site for an undisclosed sum and will employ 150 people on site. It will open for business in January.

Graham Bell, AvailableCar chairman, said: “After having such incredible success with our East and West Midlands based car supermarkets, we felt we wanted to add a Yorkshire location to our portfolio and a high profile city like Leeds is the perfect destination.”

This was posted in Bdaily's Members' News section by Robert Beaumont .