Garness Jones earns business park 'reward'

09/02/2011

The new owners of the Tokenspire Business Park, near Beverley, have retained Garness Jones to assist with the future development of the site.

 LaSalle Investment Management completed the purchase of the site for £7million during 2010 – a deal in which Garness Jones acted as joint agents for DTZ.

Dave Garness, director of Garness Jones, said the appointment by the new owners was a reward for his team’s knowledge of the site and hard work in helping to conclude the deal.

“It’s always the case with deals like this that you have to spend time on things like renewing leases, agreeing new lettings and reviewing rents,” said Mr Garness.

“With nearly 30 different companies on that site you do get a natural turnover of tenants so, in the 12 months leading up to the sale, Dale Gooderham was doing a lot of work with tenants covering off the lease renewals and lettings that LaSalle wanted to see resolved before the deal could be completed.

“Our ongoing involvement is fitting reward for all the effort we have put in so far.”

The site provides more than 322,000sq ft of industrial and office accommodation and is home to many well-known local businesses including Sargent Electrical Services, who recently renewed their lease, Beverley Pine and kitchens manufacturer Rose’s of Beverley.

Dave said Garness Jones will now be working with LaSalle on improvements.

“Tokenspire is considered a specialist site because of its size and value,” said Mr Garness.  

“In value terms, it is the largest deal for a long time in which a local agent has acted. The site had to be marketed naturally and it attracted a lot of interest, particularly from investors in the south east.

The deal was completed in December and we are now working with the new owners on their future plans.

“There is surplus land within the site and there may be some new build – this could be one of the first speculative new-build developments to emerge from the recession.”

Link:

Garness Jones

www.garnessjones.co.uk