Overcliff bags City West business park
The property company has bought the 93,000 sq ft Leeds asset, appointing Davlea Estates to manage the estate.
Davlea has, in turn, chosen the Leeds offices of Knight Frank and Sanderson Weatherall as joint letting agents for the three office buildings.
Located 1.5 miles from the city centre and 800 metres from J1 of the M621, the business park was previously owned by Harbert and managed by XLB Property.
City West was acquired by Harbert Management in 2016, and although the sale price wasn’t disclosed, it was purchased from the £200m Webb portfolio.
David Reisner of Davlea Estates comments: “My client purchased the property as they felt the building was in a great location and in very good condition but clearly unloved.
“The service charge was very high and they felt if tenants had a caring landlord, there would be more demand.
“We have already saved a lot of money and we plan to refurbish the reception area very shortly.
Elizabeth Ridler, office agency partner at Knight Frank, said: “Following this significant deal, we will be asset managing and working with existing occupiers who want to grow their presence on this under-valued office park…
“The three office buildings are set within a mature landscaped environment with substantial car parking space. The available Grade A space ranges from 4,000 with some 47,625 sq ft, available to let at a rent £20 per sq ft, inclusive of service charge.
“This is a rather special appointment for both myself and Richard Thornton of Sanderson Weatherall, as we were both involved in letting City West on behalf of the original developers Tiger Developments back in the day. It is wonderful to be promoting City West again.”
