The former headquarters of panel product supplier Lawcris at Cross Green Approach in Leeds has been acquired by On-site Property Solutions.
On-site is a new company formed by experienced industrial property owner and manager In-site Property Solutions, based at Bramham, West Yorkshire.
On-site will target sites that have the potential to deliver high returns, while looking for opportunities to develop, refurbish or manage existing facilities owned by In-site.
It has acquired a long leasehold on Cross Green Approach, where it is targeting a yield of 25-30%.
Langleys Solicitors acted for On-site on the acquisition. Holder & Co Property Consultants introduced the property and advised on the purchase.
In-site Property Solutions Limited managing director Alex Boyle said: “The former Lawcris headquarters is an exciting site for us – the investment gives us the opportunity to bring a good quality industrial unit of 81,656 sq ft to the market and is backed by a solid local covenant with Lawcris, who are occupying other units on the site on a lease of more than 10 years.”
On-site is demolishing some nearby offices and creating a large, secure yard to accompany the building. Alex added: “We are quoting just £3.50 per sq ft, which is great value for such a quality building in a great location on the Cross Green Industrial Estate with its excellent road connections to the M1 and M621.”
Tim Cross, head of commercial property at Langleys Solicitors, said: “This is an exciting time for In-site Property Solutions and its new associated company On-site. The deal at Cross Green represents a solid start to developing an On-site portfolio of sites and buildings in the commercial property market which are ripe for attracting high returns on investment.”
The Cross Green Approach site – renamed Cross-site – is being marketed by Lambert Smith Hampton and Holder & Co Property Consultants.