On-site Property Solutions has fully let its most recent acquisition – Cross-site – at Cross Green Industrial Estate, Leeds.
PAW (Holdings) Limited, trading as Sigmat Light Gauge Steel Framing, has signed a 15-year lease for an 81,656 sq ft facility, which will become its main production base.
Sigmat specialise in the design, manufacture and assembly of pre panelised steel frames and light structures. The deal of more than £3 per sq ft follows significant refurbishment by On-site.
Cranes and offices are currently being installed by Sigmat which will see the facility fully operational by September 2016. The remaining c30,000 sq ft are leased on similar terms to Lawcris Panel Products Limited, the former owner.
On-site is an associated company of In-site Property Solutions, an industrial property company based at Bramham. The business acquired Cross-site almost a year ago.
Langleys Solicitors and commercial property consultant Holder & Co acted for On-site on the purchase of Cross-site. Holder & Co also acted on the subsequent letting to PAW (Holdings) Limited.
Tim Cross, head of commercial property at Langleys, said: “Now fully let, Cross-site has proved to be a strong acquisition for On-site and its impressive yield will be a stable platform for further growth.”
Owen Holder, of Holder & Co, added: “On-site has done a fabulous job identifying this opportunity, adding value in the works they have undertaken and in increasing the size of the yard area. Ultimately they have added significant value to the investment.
“Cross-site now offers an operationally effective solution to occupiers and it was inevitable that we ended up securing a tenant as strong as PAW Structures Ltd and PAW (Holdings) Limited.”