Property group looks to divest prime Leeds office asset

A prime grade A office investment in Leeds city centre is to be marketed for sale so that the firm can concentrate on expanding of its hotel and residential portfolio.

One Park Row, which has been owned by Evans Property Group since 2009, houses Pinsent Masons, Barclays, Rothchilds and Ahead Partnership. Gilbanks has taken the prime office space in the building recently too.

While the sale price is undisclosed, TheBusinessDesk.com understands it is to be marketed for around £27.5m.

Alan Syers, portfolio director at Evans Property Group, said: “The decision to divest of the asset has been taken to enable release of capital in order to fund the further expansion of our successful Dakota Deluxe hotel portfolio and residential development programme across the UK.

“The property market continues to strengthen and we are looking forward to seeing our projects progress throughout the course of the year.”

The asset will be marketed by JLL. Mat Atkinson, director at JLL, said: “Demand for prime regional offices from both domestic and overseas investors remains very high, particularly for well let investments.

“No. 1 Park Row is a prime Grade A office investment let entirely to Pinsent Masons LLP for in excess of 11 years and its position overlooking City square is undoubted. The Leeds office market is seeing strong levels of  rental growth and robust occupational demand which are driving investor appetite.”

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