The Ribston Property Unit Trust (RPUT), which is managed by specialist industrial property investor Ribston, has acquired the site close to Elland Road for £2,616,650.
The site, known as Bridge Works, is let to national builders merchant group, Gibbs and Dandy, until 2029. It covers 2.13 acres, with 23,669 sq ft of industrial and trade counter buildings.
Garry Howes, Director of Investment at Gent Visick, said: “The site has operated as a builders merchant for over 50 years, so it’s more than demonstrated its long-term resilience, which made it an ideal opportunity to introduce to Ribston, and we’re delighted to negotiate another acquisition on the fund’s behalf.”
Joe Havery from Ribston said: “This is our second acquisition in Leeds this summer, after we secured two units on Gelderd Road that extend to more than 90,000 sq ft in July, which demonstrates our confidence in both the city and its industrial property market.
“This latest site offers strong fundamentals, with a secure, long-term occupier in place as well as offering the potential to improve its performance in the future, which are both key principles in our investment strategy.”
As well as managing the RPUT, Ribston co-invests alongside institutional investors. The fund now has industrial assets across England, Scotland and Wales and is regarded as a best in class vehicle having grown on an asset by asset basis through the steady deployment of funds since its launch.