30th Mar 2015 07:57
LONDON (Alliance News) - Town Centre Securities PLX Monday said its has bought the freehold interests for three units on an industrial park in Leeds for GBP4.5 million, while Wm Morrison Supermarkets PLC is going to add 10,000 square feet to its store at the Merrion Centre in the city.
In a statement, the property investor said it has bought the freehold interest in Units 2, 3 and 6 at Waterside Business Park, a multi-let industrial estate in Stourton, Leeds from clients of CBRE Investors. The price paid represents an initial yiekld of 7.25%
The units are detached industrial warehouse buildings totalling 77,400 square foot. Tenants include SW Group Logistics Ltd, European Stock Solutions Ltd and Daniels Chilled Foods Ltd.
"This acquisition, our first in the industrial sector for a number of years, is a logical and complementary diversification of our existing portfolio. The site is in a strategic position, let to high quality tenants with excellent access to key routes," Chairman and Chief Executive Edward Ziff said.
It also said that Morrisons has decided to expand its store at the Merrion Centre by absorbing the former Peacocks unit next door. The news follows the recent renewal of the Morrisons' lease at the centre until 2040. It is the anchor tenant at the centre. Work is expected to begin immediately and is scheduled to be completed by late summer this year, Town Centre Securities said.
The investor added that it has also now contracted pre-construction services at Merrion House, the initial stage of works ahead of its complete refurbishment and extension of the building for Leeds City Council.
Town Centre Securities shares were up 1.0% at 305.00 pence early Monday.
By Steve McGrath; [email protected]; @stevemcgrath1
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