Business park breaks million pound barrier

Elmfield Business Park in Garforth, Leeds, was sold by Valad (Equity Partnerships Osprey) to Huddersfield-based Royds Properties for 1.25m, reflecting a net initial yield – the rent generated by a property expressed as a percentage of its valuation – of just over nine per cent.

The 22,000 sq ft park is a multi-let industrial estate to tenants including Plumb Center and Parts Center. There are 12 industrial buildings on the park, including two which are empty.

The Leeds office of property consultancy Knight Frank, advised Valad in the deal, while Dove Haigh Phillips advised Royds Properties.

Andrew Harrison, senior investment surveyor at Knight Frank, said: "We received strong interest in the property from a range of purchasers which shows the revival in investor demand for this type of product.

"The estate benefits from strong occupier demand with only two empty units and a location close to Yorkshire's motorway network making it an attractive proposition for buyers seeking fundamentally good property."