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Metro Park, Leeds Taking the bull by the horns

Sometimes when people vacate a property, they just leave you with an almighty mess to sort out.

This was the case at Metro Park. The mess here was a 50% void rate thanks to an administration meaning the FRI obligation had been lost. The previous tenant had made heavy alterations including the construction of a link between 2 units, so there was a significant reinstatement cost on top of the usual refurbishment costs.

Metro Park is a modest industrial estate of 6 units totalling 52,000 sq.ft. It’s located south of Leeds city centre, among the motorway network and whilst the estate itself is relatively modern and has a reasonable profile, the location isn’t for everyone. Having worked on other estates in south Leeds, it could be best described as ‘the last location to fill up but the first to empty’ so investing heavily here needed close scrutiny. The costs of making the units fit for modern occupation, with a minimum EPC ratings of B, just kept increasing. The only way was to make any appraisal work was to achieve a record rent for the location.

Metro Park before works

The building spec

The reinstatement of all the previous occupiers alterations
The separation of the space into 2 separate and self contained units, with yards
Full roof recoating, not just cut edge corrosion works
New roof lights
Replacement gutters
Replacement cladding to front elevations and around the office elements
A second roller shutter door in the larger unit plus structural alterations to make this work
Simplification of the entrances
Open plan offices
Modern and refurbished WC’s and kitchenette’s
Internal security shutters
LED lighting
AC to the offices
New security fences and gates
Minimum EPC rating B

Common area spec

Rebrand
New signage and wayfinding
Substantial landscaping and tree removal / reduction

The original appraisal aimed for a return on cost of 15% The appraisal was rerun based on what we achieved (actual void period, tendered costs, agreed rents and incentives) but returned a 34% return on cost. New leases were agreed on the newly subdivided and refurbished units nearly £1.50 sq.ft ahead of the appraised rates mainly due to the quality of the refurbishment. These lettings set the tone for lease events across the estate and lay the groundwork for further investment management work.

Yoke were the lead surveyor in the process taking the lead in design decisions, instructing agents and working with property managers to structure the service charge to reflect the changes on the ground. We even agreed to remove a service charge cap.