Acquired for £3m by Carter Towler on behalf of Towngate Plc, a freehold property on Leeds’ Geldered Road is to be refurbished with a new roof to the main section of the building, demolition of outbuildings to create a large service yard, and installation of additional loading doors which will increase loading capacity and boost circulation efficiency.
The 62,000 sq foot former Palmer & Harvey site, when completed, will be a building with a clear working height of 10 metres, plus extensive yard and parking areas.
Josh Holmes, director at Carter Towler said: “Interest in the site is already encouraging, with occupiers expressing enthusiasm regarding the proposed works. With plans in place to conduct a full refurb, Towngate is on track to transform it into a highly sought-after warehouse space – perfect for companies operating in the urban logistics and trade leasing market.
“We’re happy to see Towngate adding to its impressive portfolio of industrial properties, and looking forward to seeing the site’s full potential realised.”
Property manager Tom Lamb said: “We are delighted to add yet another warehouse unit to our portfolio of Leeds properties on Gelderd Road. It’s in a prime location, whilst its highly functional space has tonnes of potential which we can’t wait to build on.
“We’re excited to start the revamp and breathe new life into the site. Demand for such industrial units is healthy in the Leeds area, so we’re confident there’ll be no shortage of interest.”
Renovation of the newly-branded Gelderd Cross is expected to be finished later this year, and the property will be marketed to let via Carter Towler and Eddisons.