In-site Property Solutions — which specialises in flexible leases for small and start-up businesses — has confirmed it has £2m to spend on new commercial properties. The Leeds-based company already owns and manages more than one-million square feet of industrial and retail space across Yorkshire, the North of England and Scotland.
Among these assets are 100,000sq ft of space at the Cross Green Industrial Estate in Leeds along with an office building in the city’s financial district, and a 150,000sq ft development in Fife, Scotland. Since the appointment of Alex Boyle as managing director In-site has doubled the size of its rental income to more than £2m a year and increased its staff to 15.
“This is an exciting time for In-site,” said Boyle, who took over in 2010 after a two-year spell as estates manager. “Our strategy continues to be to acquire sites with asset management potential, through re-gearing leases, planning improvements or change of use and adding value from refurbishments and developments.
“We have beaten all our targets. However, more importantly than that, I am proud of the fact that we have helped to create hundreds of jobs at our sites as many of the companies that take space are expanding,” he said.
One of his company’s recent projects was the purchase of the former LG Phillips television factory at Washington, Tyne and Wear. Following a £1m refurbishment, the site now houses nine small businesses employing over 40 people.
Boyle says that both In-site and its tenants are seeking opportunities to expand but, despite the economic upturn, he doesn’t foresee a return to speculative industrial development in the North in the near future. These factors, he continues, give him confidence in the company’s prospects as they hit the acquisition trail.
In-site typically searches out and acquires properties in the “not too risky” £500,000 to £2m range that are considered too small for the big funds but too big for small investors. Boyle confirmed he was now looking beyond Yorkshire and the North of England as well as considering different opportunities. In-site is also keen to maximize the potential of its existing portfolio by re-negotiating leases.
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