Momentum gathers at Velocity Point

A pair of deals amounting to 60,500 sq ft have been agreed at UBS’s Leeds logistics park, meaning seven of nine units are accounted for following practical completion in early 2024.

Velocity Point has been funded by UBS AM Real Estate & Private Markets. In the first of the latest deals, garage door company Garolla has taken Unit 9, totalling 33,500 sq ft over ground and first floor, as it looks to grow within its core market and into door-adjacent categories.

Avison Young advised Garolla on the acquisition. Principal Rob Oliver said: “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.”

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Total Hardware, a window and door hardware supplier, has agreed terms on Unit 6, totalling 27,000 sq ft over ground and first floor. The company is moving to Velocity Point to facilitate its business expansion into larger, more practical, modern premises.

Across 13 acres set next to the Leeds & Liverpool Canal, Velocity Point offers nine units across five buildings from 3,500 sq ft to 108,500 sq ft.

CBRE, Carter Towler and Savills are joint marketing agents.

Jonny Ufton, investment manager, UBS AM REPM, said: “Velocity Point 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.

“It’s a real draw for businesses of all sizes from those looking to integrate their operations into national and international supply chains to companies seeking strong links to academia excellence and places occupiers in a prime position for growth.”

Dani Raunjak, associate director at CBRE Leeds, 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.

“Carter Towler, Savills and our team have received considerable interest in the remaining units and look forward to achieving full occupation soon.”