Overcliff Ltd has acquired City West Business Park in Leeds, marking a key regional office investment amid growing interest in out-of-London value-add opportunities. The 8,640m² (93,000 sq ft) business park, just 800 metres from Junction 1 of the M621 and 2.4 km from Leeds city centre, was previously owned by Harbert and asset managed by XLB Property. The price remains undisclosed.
Occupiers at City West include Regus, Cennox, Ascensor and Sedgwick. Following the deal, the estate will be managed by Davlea Estates, which has appointed the Leeds offices of Knight Frank and Sanderson Weatherall as joint letting agents.
“My client purchased the property as they felt the building was in a great location and in very good condition but clearly unloved,” said David Reisner of Davlea Estates. “The service charge was very high and they felt if tenants had a caring landlord, there would be more demand.” Plans are already in motion to refurbish the reception area and reinvest in the estate’s common areas.
The repositioning of City West signals renewed confidence in the regional office sector, particularly in areas with strong transport infrastructure and latent occupier demand. “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,” said Elizabeth Ridler, Partner, Office Agency at Knight Frank.
“The three buildings are set within a mature landscaped environment and have substantial parking,” said Ridler. “Available space ranges from 370m² to 4,425m², at €23 per m², inclusive of service charge.” The estate’s proximity to the White Rose Shopping Centre further adds to its appeal.
Richard Thornton, Partner at Sanderson Weatherall, added: “We are undertaking a contemporary refurbishment of the reception areas and upgrading the space. The attractive fundamentals of the scheme have not changed... City West will appeal to a wide range of occupiers, the scheme being very competitively priced and on very flexible lease terms.”
People mentioned:
David Reisner – Davlea Estates
Elizabeth Ridler – Partner, Office Agency, Knight Frank
Richard Thornton – Partner, Sanderson Weatherall
Companies mentioned:
Overcliff Ltd – Buyer, property company
Harbert – Previous owner
XLB Property – Former asset manager
Davlea Estates – Current property manager
Knight Frank – Joint letting agent
Sanderson Weatherall – Joint letting agent
Image Source: City West Business Park, Leeds – Davlea Estates
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