Bradford developer Frank Marshall Estates has bought Cottingley Business Park, near Bingley, in an off-market deal for an undisclosed sum.
The 78,000 sq ft office park has been acquired from West Yorkshire property management and development company Cox22.
Frank Marshall Estates is owned and run by Edward and Jimmy Marshall and is a well-established real estate company with significant commercial assets in Yorkshire.
Edward Marshall said: “This is a stunning business park, brilliantly located at the end of the Bingley bypass (A650) in Cottingley, Bingley. It is only 15 minutes from Bradford city centre and 30 minutes from Leeds, with excellent public transport links between both cities and the surrounding areas as well.
“We are very pleased to buy this quality asset and to further strengthen our Bradford portfolio of offices. Personally, I have known about the Jaggar family, who own Cox22, for many years and have always thought they were good operators. Having got to know them during this deal, my initial thoughts have been confirmed.
“We are very excited to take this site forward and only hope we can do as good a job as Cox22 have done. It’s always good to do a deal with a handshake and then take it to completion with both sides honouring the deal as agreed.”
Jimmy Marshall explained: “We bought Cottingley Business Park because of its location and quality. The chance to buy such a quality asset arose because of the retirement of Donald Jaggar. One of the keys to successful property investing is being able to take the opportunities that come up when they come up, with a combination of risk tolerance, patience and speed.”
There are 45-plus tenants on the park including: Ramsey Health, Mineral Planning Group, Watson Buckle Accountants, Nevis Computers and Advancery.
Jimmy Marshall added: “The park is in great condition. All we are going to do is some re-signing and re-branding with a view bringing the park in line with the Frank Marshall Estates brands.”
Louise Leckenby, who owned Cottingley Business Park with her father Donald Jaggar, said: “The Marshall brothers have been a delight to deal with, straight-talking, uncomplicated and honourable. Whilst selling the Business Park was by no means an easy decision for either my father Donald or myself, having been a huge part of our lives for 25 years, we feel comfortable and confident that it is now in very capable and much younger hands to carry it forward into the future. We wish them all the best.”
Donald Jaggar added: “Although we had a number of enquiries for our Business Park, they were from the south of England, mainly in the London area. Many of our tenants have been with us from the outset of building the park 25 years ago and they became not just tenants but friends as well and we didn’t want to let them down. So, when the enquiry came from a local Bradford firm, we were pleased to talk to them and a deal was struck at our first meeting. The handover will be seamless.”
Frank Marshall Estates were advised by Drew Abercrombie at Handlesbanken in Bradford and by Simon Mydlowski and Sean Meehan of Clarion Solicitors
Cox 22 were represented by lawyers Schofield Sweeney and Eddisons.
Edward Marshall concluded: “I would like to thank Donald Jaggar and Louise Leckenby of Cox 22 for allowing us the opportunity to buy this great asset and to take it forward for the next few decades. We will safeguard and build on what they have achieved.”
