A property investment fund that focuses on the industrial sector, has expanded its Leeds portfolio after acquiring a well-known builders merchant site close to Elland Road, in a deal negotiated by Gent Visick’s investment team.
The Ribston Property Unit Trust (RPUT), which is managed by specialist industrial property investor, Ribston, has acquired the site for £2,616,650. The deal reflects a 5.25 per cent net initial yield.
The site, known as Bridge Works, is let to national builders merchant group, Gibbs and Dandy, until 2029. Occupying a prominent position, with an extensive frontage directly onto Elland Road and bordering Crow Nest Lane, the site covers 2.13 acres, with 23,669 sq ft of industrial and trade counter buildings.
Garry Howes, director of investment at Gent Visick, said: “Bridge Works is in a busy area, surrounded by other trade counters and retail warehouses, just 200 metres from the M621, with lots of traffic passing by each day.
“The site has operated as a builders merchant for over 50 years, so it’s more than demonstrated its long-term resilience, which made it an ideal opportunity to introduce to Ribston, and we’re delighted to negotiate another acquisition on the fund’s behalf.”
Joe Havery from Ribston, said: “This is our second acquisition in Leeds this summer, after we secured two units on Gelderd Road that extend to more than 90,000 sq ft in July, which demonstrates our confidence in both the city and its industrial property market.
“This latest site offers strong fundamentals, with a secure, long-term occupier in place as well as offering the potential to improve its performance in the future, which are both key principles in our investment strategy.”
As well as managing the RPUT, Ribston co-invests alongside institutional investors. The fund now has industrial assets across England, Scotland and Wales and is regarded as a best in class vehicle having grown on an asset by asset basis through the steady deployment of funds since its launch.