Shoosmiths has advised Total Developments on the £25m sale of a 16-acre industrial and warehouse park near Leeds.
The transaction sees Total Developments sell its remaining interest in Total Park to life and pensions company ReAssure Limited. The sale includes four units at the park, which are let to a range of occupiers.
Total Developments acquired and began developing the site in 2018, building a total of six industrial and warehouse units to the east of Leeds city centre in Aire Valley.
Edward Chantler, CEO of Total Developments, said:
“The disposal of Total Park Leeds represents an important milestone for us. Pontefract Lane was the first acquisition of our revised urban logistics strategy, where in 2018 we refocused towards sites in close proximity to the top 20 towns and cities by population density, specifically locations with unfettered motorway access.
“As is our specialism, the site had complications. Working with M1 Agency and C4 Projects we overcame the implications from various service media that crossed the site. To achieve this, we successfully designed and implemented a multi-unit development capable of exit on three bases – a standalone unit, pre-let to DHL, and two smaller units targeting the aggressive LLH owner occupier market and an intact prime three-unit mid-box park investment.
“With over 1m sq ft under construction across five schemes and a further five schemes in planning, we continue to strategically acquire sites across the UK to further build the Total Developments brand. With our continued focus on creating best in class space, all our sites are committed to meet the ever-growing ESG agenda.”
The Shoosmiths deal team was led by real estate partner Daniel Monaghan, supported by principal associate Jonathan Smith, trainee solicitor Edward Moffat and Richard Atkinson, an associate in the firm’s construction team.
Daniel Monaghan, real estate partner at Shoosmiths, said:
“Shoosmiths has worked with Total Developments from the start of this project. It is a partnership spanning over four years, culminating in the company now successfully selling its remaining interest in Total Park, which is a grade A scheme and already home to major tenants including DHL.
“The legal advice provided on this project covered site acquisition, unit leases and sales – demonstrating the breadth of expertise Shoosmiths’ real estate division can provide.”
M1 Agency acted as the commercial real estate consultant on Total Park, Leeds.