Carter Towler has reported that the development of 9 industrial units at Velocity Point on Armley Road is on track for completion in November. The new business park, located on the 13-acre site formerly occupied by Premier Farnell, is being developed by Tungsten Properties with forward funding by the UBS Asset Management’s Real Estate & Private Markets business on behalf of its Triton Property Fund LP.
According to Hazel Cooper from Carter Towler, “It’s exciting to see this much needed new industrial park taking shape. Tungsten Properties and MCS Construction Group are making great progress, the external structures have been completed and are now having their internal features installed. We are already receiving a lot of interest from potential occupiers and have placed 8,000 sq ft under offer, to an exciting business who are keen to take advantage of the great location and superb ESG provisions.”
Leeds-based Savills associate director, Matt Ewin, added that the location was perfect for urban logistics, as it’s on the edge of the city center with opportunities for strategic links with universities, hospitals, retail sectors, and last-mile logistics operators. He further emphasised its proximity to major arterial roads and the motorway network.
UBS Asset Management investment manager, Jonathan Ufton, also noted the units’ versatility in catering to a range of business uses including logistics, warehousing and storage, manufacturing, and engineering. Ufton added that Leeds had a very buoyant industrial market and the new industrial stock would bring some welcome additions.
This marks a positive development for the Leeds community and the wider industrial market. Interested parties seeking to occupy this space are advised to approach the developers for further information.