The construction of nine industrial units at Velocity Point on Armley Road is on schedule for completion in November.
The new business park which is located on the 13 acre site previously occupied by Premier Farnell, is being developed by Tungsten Properties with forward funding by UBS Asset Management’s Real Estate & Private Markets business on behalf of its core UK diversified vehicle, Triton Property Fund LP.
Commenting on the development, Carter Towler’s Hazel Cooper said: “It’s exciting to see this much needed new industrial park taking shape. Tungsten Properties and MCS Construction Group are making great progress, the external structures have been completed and are now having their internal features installed.
“We are already receiving a lot of interest from potential occupiers and have placed 8,000 sq ft under offer, to an exciting business who are keen to take advantage of the great location and superb ESG provisions.”
Matt Ewin, associate director at Savills, added: “This is a true Urban Logistics location, positioned just on the edge of the city centre it provides lots of opportunities for strategic links with the universities, hospitals, retail sectors and last mile logistics operators, as well as being close to major arterial roads and the motorway network.”
Jonathan Ufton, investment manager at UBS Asset Management, added: “These units have been developed with a range of business uses in mind including logistics, warehousing and storage, manufacturing and engineering. Leeds has a very buoyant industrial market and it’s great to have this new industrial stock to offer.”
The nine units range from 3,500 – 108,500 sq ft and are being built to the highest building standards with the construction team aiming to achieve a Building Research Establishment Environmental Assessment Methodology (BREEAM) ‘excellent’ rating. The innovative design of the scheme includes features that ensure the units are eco-efficient, cost-effective to run and contribute positively to employee health and wellbeing.
Carter Towler, CBRE and Savills are joint marketing agents for Velocity Point.
