Velocity Point Logistics Park in Leeds Secures Major Tenants, Underscoring Demand for Quality Industrial Space
In a testament to the robust demand for modern logistics facilities in the Northern region, Velocity Point, a Grade A industrial park developed by UBS AM Real Estate & Private Markets (UBS AM REPM) in Leeds, has secured two significant lettings totaling more than 60,500 square feet. The deals, which come on the heels of a flurry of leasing activity at the site, highlight the appeal of well-positioned, high-quality industrial stock in a supply-constrained market.
Garolla, the UK’s #1 recommended garage door company, has taken Unit 9, spanning 33,500 square feet across the ground and first floors. The company, which supplies and installs made-to-measure electric garage doors nationally, has acquired the site as part of its growth plans as it expands in the garage door market and adjacent categories. Avison Young advised Garolla on the acquisition.
Total Hardware, a leading window and door hardware supplier, has agreed to terms on Unit 6, totaling 27,000 square feet over the ground and first floors. The company is relocating to Velocity Point to facilitate its business expansion into larger, more practical, modern premises. Total Hardware supplies a comprehensive range of market-leading hardware products to the trade.
Velocity Point, a speculative development spanning 13 acres, offers nine units across five buildings ranging from 3,500 square feet to 108,500 square feet. The strategically located industrial park boasts direct links to Leeds City Centre, the UK motorway network, and is situated within a globally recognized region for advanced manufacturing, research and development, and academia.
Jonny Ufton, Investment Manager at UBS AM REPM, commented on the development’s appeal: “Velocity Point, which is set against the Leeds-Liverpool Canal, offers occupiers a high-quality working environment with vast green spaces and has been designed to promote a positive work-life balance by putting people at its heart. The development is built to the highest standard with future-thinking design firmly focused on sustainability, with renewable and environmentally responsible features being integral to the scheme.”
Dani Raunjak, Associate Director at CBRE Leeds, one of the joint marketing agents for Velocity Point, along with Carter Towler and Savills, said, “The deals secured on seven out of nine units within a few months of completion at Velocity Point demonstrates the appeal of well-positioned, quality stock in a supply-constrained Northern logistics market. Our team has received considerable interest in the remaining units and looks forward to achieving full occupation soon.”
Rob Oliver, Principal at Avison Young, who advised Garolla on their search and acquisition, added, “We have undertaken several acquisitions across Yorkshire in recent months, with a number of further projects ongoing. We were delighted to work with Garolla on this matter, undertaking a thorough review and consideration of their options, and then securing a lease on this high-quality new unit at Velocity Point. Availability of quality units across the region ready for immediate occupation is getting challenging, given the limited amount of current development. It is particularly pleasing to support a manufacturing business looking to upgrade and expand their operation.”
