A flurry of recent lettings means Parkside Industrial Estate in Leeds has become fully let for the first time in the past two decades.
When it was acquired by BRIT in late 2015, a multi-let industrial platform run by Blackrock and Canmoor, the estate had a void rate of 37% with five units vacant. Through a proactive marketing approach together with agents; Gent Visick and Cushman and Wakefield, the vacant units were fully refurbished to a high standard. Upon PC of the works the agents secured a number of successful lettings.
In early 2018, the estate was further improved with redecoration of the estate branding giving it a fresh modern look. Final lettings have now been agreed with Diagraph, G & H Building Services and Ward and Burke who collectively have taken 26,899 sq. ft. bringing the estate up to 100% occupation.
Daniel Austin, Asset Manager at Canmoor, said: “We are delighted with what has been achieved at Parkside. We understood what the issues were with the estate and addressed these through pro-active Asset Management initiatives. The evidence shows that with the right hands on asset management and proactive agency, older refurbished estates can compete in line with more modern units.”
Daniel Walker of Gent Visick added: “The full team has put a lot of hard work into bringing Parkside to a fully let status. This success story highlights the strength of industrial property in West Yorkshire and the quality of the units which we could offer to the market.”
Henry King of Cushman and Wakefield said: “We are very proud to have contributed to the success story at Parkside. Since refurbishment, both joint agents have been able to secure a number of good quality tenants on competitive deals and we are both delighted we have been able to validate the investment and backing shown by our client.”