Gregory Property Group sells remaining assets at M62 development

Gregory Property Group has sold the remaining assets at its successful industrial scheme known as Park 32 in Pontefract, West Yorkshire.

The local developer has sold the last two units of 35,000 sq ft and 83,500 sq ft to South African Fund, Leftfield Properties for an undisclosed sum. The Fund already has an interest in Park 32 following its June purchase of a 21,400 sq ft unit on the site which is let to prison services operator GEOAmey.

Park 32 is a £15 million, 150,000 sq ft industrial development close to Junction 32 of the M62 motorway. The speculatively built development, delivered by Marshall Construction on time and on budget, comprises four purpose-built units ranging in size. A 12,000 sq ft unit was sold last year to Specialist Tooling Technologies.

Advisors to Leftfield Properties will continue to market the two vacant units designed to suit a variety of occupiers for distribution, manufacturing and storage.

Andrew Foggitt of Gregory Property Group said, “We are delighted to have concluded an investment sale of the remaining space at Park 32. Leftfield Properties is known for realising commercial property asset value across the UK and its long-term commitment to Park 32 is testament to the scheme’s strong geographical location. Park 32 delivers against a current shortage of new, purpose-built commercial space within the M62 corridor.

“Park 32 has been a successful venture for Gregory Property Group and we remain active in seeking new sites for further prime industrial property development.”

Nico Fourie, CEO at Leftfield Advisors, said, “Park 32 hosts well-specified distribution properties. It is a strong location where demand significantly exceeds supply. This acquisition is convergent with Leftfield’s strategy of expanding its warehouse supply with assets that underpin pervasive e-commerce trends”.

Gerald Eve acted on behalf of Leftfield Properties whilst The Leeds offices of property advisors Carter Towler and Avison Young acted for Gregory Property Group. Blacks Solicitors LLP represented Gregory Property Group in the transaction.