An office building on Gelderd Road in Leeds has been sold for £1,075,000 to Scunthorpe based The Clugston Group in a deal brokered by property consultants Jones Lang LaSalle and Bray Fox Smith on behalf of Signal Property Investments.
Gelderd Point, which fronts on to Junction 27 of the M62 at Gildersome, comprises a modern three storey office building, offering open plan accommodation of up to 20,386 sq ft with a full range of facilities including 69 car parking spaces. Clugston will undertake a high quality office refurbishment before re-launching the building back on to the market
Richard Thornton, from Jones Lang LaSalle’s office agency team in Leeds, said: “We received strong interest from both owner occupiers and developers in this property and the sale price represents excellent value for money.”
Jonathan Gale from Bray Fox Smith added: “Transactional activity in Leeds’ out-of-town office market last year reached 491,082 sq ft, a 44 percent increase on the previous year. We believe appetite for this type of space will continue making a newly refurbished Gelderd Point well positioned to capitalise on this momentum.”
Nick Child, Development Director at Clugston, concluded: “The availability of grade A office space, newly constructed or refurbished, has fallen to a five year low in central Leeds. The intensification of this Grade A supply shortage is driving a more active refurbishment and re-development and we confident, through our high quality refurbishment programme of the property, Gelderd Point will prove to be popular with future occupiers.”
The Clugston Group is active on a number of property development projects in both sole venture and joint venture, ranging from £1million upwards to £120 million primarily across the North of England including Park Row, Leeds; Turbine Business Park, Sunderland and Redhouse Interchange, Doncaster.
Mike Curtis and Co and Langleys Solicitors acted for the Clugston Group Ltd.