Occupier secured for �5million speculative development in Leeds City Region Enterprise Zone
Wilton Developments has announced that a lease has been agreed for one of the buildings on its £5million Connex 45 development at Thornes Farm in the Leeds City Region Enterprise Zone.
A major international distributor will lease the B50, 50,000 sq ft building when construction completes in early July 2015. The deal is for a 10 year lease without breaks at £5.75 per sq ft with a three month rent free period.
Situated on a four acre site close to the East Leeds Link Road, Connex 45 includes the 50,000 sq ft and a further A30, 30,000 sq ft manufacturing and logistics building in the heart of the Leeds Aire Valley corridor.
Jason Stowe from Wilton Developments said: “Securing agreement to lease this building prior to completion, and at this rental level, reinforces Leeds City Council’s confidence that by delivering good quality speculative buildings in this location will attract strong occupier interest.”
Councillor Richard Lewis, Leeds City Council’s executive member for Regeneration, Transport and Planning: “There is real momentum building in the Leeds City Region Enterprise Zone. A total of 425,000 sq ft of development and employment space is currently under construction and the announcement from Wilton is a further vote of confidence in the Enterprise Zone both as a business location and in its ability to attract major occupiers.”
Roger Marsh, Chair of the LEP added: “It’s fantastic to see businesses taking advantage of the opportunities created by the Enterprise Zone. Wilton’s latest announcement demonstrates the strength of investor appetite in two of our key growth sectors – manufacturing and logistics - and supports the overall goal of the Enterprise Zone of creating more jobs for local people, faster growth for our businesses and greater prosperity for our region.”
An unrivalled business location
The two high-quality units are less than a mile from Junction 45 of the M1 and Leeds City Centre.
Jason continues: “Hopefully this first letting in the EZ will provide a catalyst for other occupier activity in the Zone and we remain grateful to Leeds City Council for their vision in supporting this scheme. The unrivalled location close to the A1(M), coupled with the quality of the development, has resulted in a high level of interest in the site, I’m confident we will soon announce the letting or sale of our second Connex 45 building.”
The Enterprise Zone comprises 142 hectares of prime employment land adjacent to the M1 motorway and is an ideal location for manufacturing and supply chain companies. Fully developed, it has the ability to foster more than 9,500 jobs. It is already home to well-established manufacturers such as packaging company, Roberts Mart, floor covering specialist, Mercardo and Symington’s food.
CBRE, Colliers and Langleys Solicitors acted for Wilton Developments.
Mike Baugh of CBRE said: “This is a significant deal for the Leeds industrial market. The fact we have been successful in securing a tenant prior to practical completion highlights the level of demand for high quality space in the area. Interest is this scheme is very encouraging and we look forward to a securing an occupier for the final unit at Connex very shortly.”