11 Jan 2019
M7 fully lets Norquest Industrial Estate, Leeds setting new rental tone
London, 11 January 2018 – M7 Real Estate (“M7”), the pan European investor and asset manager announces that, on behalf of a major fund, it has fully let Norquest Industrial Estate in Leeds at a new headline rental level of £5.50 psf.
The estate which comprises 146,221 sq ft of warehouse space is located in south west Leeds one mile from junction 27 of the M62 motorway and is part of an established industrial area known as Gelderb Industrial Estate which has proved popular with occupiers. Leeds city centre is approximately five miles away.
The property was acquired in a derelict condition and totally unoccupied. An active asset management plan was implemented which included a comprehensive refurbishment redeveloping the site to provide modern warehouse units together with pro-active marketing by local agents. All of the units were fully let in three separate transactions before the works were completed on leases of 10 years at £5.50 psf which is 10% above the previous rent.
James Chasen, Asset Manager at M7, commented; “This is a prime example of M7’s ability to transform a redundant scheme with pro-active asset management. The units were derelict and unmarketable but once we started on site with the works our marketing agents were able to identify suitable tenants in a short period of time.”