Leeds business park sold for £1.25 million

The Elmfield Business Park near Leeds has been sold in a deal that is said to be in the region of £1.25 million.

The new owners of the Garforth unit are Huddersfield-based Royds Properties, who finalised their purchase of the establishment from previous owners, Valad (Equity Partnerships Osprey), on Thursday.

Valad was represented in the deal by the Leeds office of international property consultancy, Knight Frank. The company acted jointly on the sale of the multi-let industrial estate, which occupies a combined floorspace of more than 22,000 square feet.

The value of the business in the sale points to an initial net yield of more than nine per cent, which Knight Frank senior investment surveyor, Andrew Harrison, said came from a strong demand for the property.

"We received strong interest in the property from a range of purchasers which shows the revival in investor demand for this type of product," he explained.

"The estate benefits from strong occupier demand with only two empty units and a location close to Yorkshire's motorway network making it an attractive proposition for buyers seeking fundamentally good property."

Junction 47 of the M1 is a mere 2 miles away from the estate, which lies only six miles from the urban heart of Leeds City Centre.

Royds Properties was advised during the sale but Dove Haigh Phillips.

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