A mid box scheme in Yorkshire has been fully let at record rental levels according to scheme agents CBRE.
J Pullan & Sons’s Whitehall Point scheme in Leeds has seen the last unit of 13,500 sq ft let to cleaning product supplier Parc Supplies on a 10 –year lease at a record rent for similar facilities in the area within a few short months of practical completion.
Sophie Angus of CBRE said; “The scheme has delivered much needed high-quality warehousing accommodation in West Yorkshire. To have secured the deals and set the bar for mid-box rents so soon after the scheme completed is a fantastic result and demonstrates the appeal of this quality development. The region is however still experiencing shortages of high-quality mid-box supply as occupier demand remains strong, and speculative development void periods continue to be low.”
Unit 2, comprises 12,000 sq ft of industrial space with 1,500 sq ft of first floor office accommodation and will be used to further the Parc Supplies’ expansion plans.
Max Armstrong, MD of Park Supplies, said: “The unit at Whitehall Point provided the quality of accommodation we were looking for to facilitate the significant demand for our services and our growth plans for the future.”
J Pullan & Sons secured an early 20,000 sq ft design and build pre-let at Whitehall Point to MKM Builders Merchants on a 20-year term. It then undertook the speculative development of a further two prime warehouse units both of which have now been let and both achieving record rents for the region in their mid-box size bracket.
The 31,500 sq ft Unit 3 was leased to automotive parts distributor Alliance Automotive Group on a 10-year term. Alliance Automotive Group leased the unit to facilitate the expansion of their Northern business.