Filtronic Plc, advised by DTZ, has completed the sale of their former headquarters, The Waterfront, for approximately £6 million.
Lying adjacent to Salts Mill, a world heritage site, the property comprises a part let and part vacant office and industrial complex extending to 100,000 sq ft.
The property has been acquired by Leeds based GMI Property Co., who are re-acquainting themselves with the development, having constructed the HQ offices on site back in 1994. They plan to undertake a substantial refurbishment of the existing office accommodation to provide a centre for technology based companies in the Airedale region.
Mike Curtis, investment director at DTZ, said: "We are delighted to have successfully completed this instruction, which was won following a competitive pitch in December 2006. The instruction presented a number of complex issues arising from Filtronic's sale of part of their business and the short term leasing of the majority of the property to Powerwave, a US based corporate."
In addition, DTZ has been re-retained by the purchaser, GMI Property Co., to assist in letting the vacant office and industrial accommodation.
Alistair Dixon, associate director at DTZ's office agency said: "The accommodation is to be fully refurbished to a high standard, providing up to 35,000 sq ft of Grade A office space in a prominent waterfront location. The ability to provide large flexible floorplates from 5,000 to 13,000 sq ft has already attracted one occupier, an international household name, which will enhance the location's reputation as a major focus for the digital and electronics sector."
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