Investor swoops for office building in city’s commercial core
A “prime” office building in Leeds, multi-let to 11 tenants including Zurich, Xalient and law firm Appleyard Lees, has been sold.
Acting on behalf of BMO, CBRE’s Leeds Capital Markets team has completed the sale of 1 East Parade to The Regional Office Property Unit Trust, which is advised and managed by Schroders Real Estate, for an undisclosed sum.
Located in the heart of the city’s commercial and financial district, the property comprises 67,456 sq ft of contemporary office and retail accommodation, split between two adjoining multi let office buildings at 1 East Parade and 8 St Paul’s Street – comprising 48,458 sq ft of office space at 1 East Parade and 15,888 sq ft of office space with 3,110 sq ft of retail space at 8 St Paul’s Street.
8 St Paul’s Street is let to tenants including Caci Limited, IPC Group and Jones Myers LLP.
Originally constructed in the 1980s, the building has recently undergone a major refurbishment, with an extension to the reception area enhancing its prominence on East Parade. 1 East Parade offers floorplates of 6,500 sq ft with a total of three floors vacant, while 8 St Paul’s Street offers floorplates of 2,500 sq ft with two floors vacant.
Neighbouring occupiers include Gateley’s Solicitors, Bilfinger GVA, CBRE, Dentsu Aegis Network, Deloitte, Walker Morris and Pinsent Mason.
Robin Bullas, CBRE’s director of National Capital Markets, said: “We are pleased to have sold this prime office investment in Leeds city centre to the Regional Office Property Unit Trust. The Trust has acquired a landmark building in the very heart of the Leeds commercial core.”
Tom Newman, investment manager at Schroders Real Estate, added: “This acquisition offers two good quality office buildings in a prime city centre location. We will reposition both buildings through a high quality refurbishment in a market that is seeing reducing levels of good quality office space.
“This is the seventh acquisition for the Regional Office Property Unit Trust that is targeting assets offering good fundamentals in strong and undersupplied regional cities and towns.”
Steadman Brierley acted for Schroders Real Estate.
