Clearbell lets 169,000 sq ft of industrial space in Thetford and Leeds
Clearbell Property Partners III LP (Clearbell), a fund managed by Clearbell Capital LLP, announces that it has let 169,000 sq ft of logistics space in Thetford and Leeds across two industrial assets.
The lettings comprise a 128,000 sq ft warehouse in Thetford let to Multimatic on a 15-year lease and 41,000 sq ft of industrial space in Leeds let to Just Trays on a 10-year lease. Both assets are now fully let.
Clearbell acquired the assets in 2017 and 2018 as part of the Cara portfolio, which aims to refurbish and reposition secondary logistics assets, to take advantage of the continued lack of affordable space in the logistics/warehouse sector. The portfolio now consists of 22 assets across the UK.
The two assets in have undergone major refurbishments in recent months, including roof and yard repairs, re-cladding, and improved lighting.
The Thetford site is located on the edge of the A11 and also attractively positioned given its proximity to the ports at Felixstowe and Lowestoft. The Leeds unit is well-located on Whitehall Road in the South West of Leeds, close to the M62.
Dominic Moore, Head of ESG and Asset Management at Clearbell Capital, said: “These lettings demonstrate the ongoing success of the Cara portfolio, which aims to service a fundamentally undersupplied industrial sector. Given that both assets were let within a year of becoming vacant, it is evident that there is sustained demand for this type of space, in the right locations. We are well positioned to capitalise on this demand in key regions.”
Clearbell was advised by Bidwells at Thetford and Gent Visick at Leeds.