LRE Capital and Citivale have let Oakwell 27 – an 110,000 sq ft modern industrial warehouse at Birstall, West Yorkshire, following a comprehensive £180,000 refurbishment.
Cubico UK, a retailer and distributor of bathroom fittings, has taken a 10-year-lease on the former Poundworld unit.
The refurbishment has been undertaken by LC Industrial, a tie up between LRE Capital, led by Sassan Ahsani and Leeds-based Citivale. LC Industrial was launched in 2015 to invest in the UK industrial sector.
The deal was negotiated by Rob Oliver, Director at property consultancy GVA in Leeds. He said: “Following the departure of Poundworld, our clients undertook a comprehensive refurbishment of the unit, which then presented very well and was ready for immediate occupation.
“Supply of modern second-hand units of this size in Yorkshire is extremely limited. With its excellent motorway accessibility, just off Junction 27 of the M62, and good specification, we were confident of letting the unit. So we are pleased to have secured the letting to Cubico, which will enable them to accommodate their considerable business growth.”
The refurbished warehouse, which is less than six miles from the city centres of Leeds and Bradford, features high-quality offices and secure and spacious parking.
Sassan Ahsani, Managing Director of LRE Capital, said: “Working together with our partners, we have been able to transform an industrial property into a superb distribution warehouse. The letting is a clear sign of occupier demand for high quality space. We are also proud of the value that we have been able to deliver to our investors as a result.”
James Appleton-Metcalfe of Citivale, said: “The comprehensive refurbishment of Oakwell 27 has created a modern and efficient distribution warehouse. The transformation is stunning. This has resulted in an excellent letting to Cubico UK, a leading player in the bathroom retail sector.
“LC Industrial’s expertise lies in buying secondary assets and using our combined skills and knowledge to reposition these assets through comprehensive refurbishment and development. This is what has been done at Oakwell 27 with tremendous success.
“We feel the overall UK industrial portfolio offers significant value-added potential through a focused capital expenditure programme, letting of vacant units and lease re-gears. The transformation of Oakwell 27 is a good example of the portfolio’s potential,” said Mr Appleton-Metcalfe.
The LC Industrial portfolio includes the Humber Enterprise Park at Brough. The 79-acre park includes circa 1 million sq ft of high-quality office and industrial space, 20 acres of development land and benefits from Enterprise Zone and Assisted Area Status which offers significant incentives to attract new occupiers.
So far £6 million has been spent on regenerating the whole site, described as “a jewel in the Humber’s crown” with another £1.2 million earmarked for further improvements. It is estimated that 1,600 new and sustainable jobs will be created when the park is fully developed during the next three years.