Deals Done

BlackRock have sold the long leasehold interest of Cross Green Garth, Central and Link, Leeds to Marcol Industrial for £3.81 million, reflecting a net initial yield of 7.99%.

BlackRock were represented by commercial property specialists Gent Visik whilst Marcol Industrial were represented by Michael Steel & Co.

The property, located on the established Gross Green Industrial Estate, comprises nine units totalling 108,178 sq ft and benefits from an excellent tenant mix including YESS Electrical, GAPP and Skopes.

BlackRock acquired the estate in 2004 and working with Gent Visick have successfully implemented a number of asste management strategies including the refurbishment and sub-division of buildings, re-gearing of leases and letting the vacant accommodation.  The estate was 100% let at the time of the sale.

Gidon Amar of Gent Visick said 'The strength of the estate's location and income profile was reflected in the level of interest received and price achieved ensuring interested parties could see beyond the long leasehold tenure'.

Andrew Steel of Michael Steel & Co 'The acquisition was a perfect match for Marcol Industrial's requirement being surperbly located with a number of asset management strategies left to implement and the ability to grow the rents in the short to medium term'.  

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