Leeds office building bought in £17m deal

LONDON-based property investment company the FORE Partnership has bought the iconic Yorkshire House in Leeds in a deal worth more than £17m from the Apia Regional Office Fund.

The 83,000 sq ft building on Greek Street, home to Yorkshire law firm Lupton Fawcett Denison Till, is set to undergo a substantial refurbishment to provide top quality Telecommunications, Media and Technology (TMT) office space in the heart of the city’s business district.

FORE’s latest regional acquisition marks the expansion of its portfolio including the redevelopment of 58 Victoria Embankment in Central London and New Telecom House in Aberdeen.

FORE’s managing partner, Basil Demeroutis, said: “The demand from both businesses looking for TMT office space and investors looking to fund this kind of space makes this a very compelling property opportunity.

“We are excited about taking on a building that is fundamentally good but has the potential to be made excellent. The building will be split into two products giving it a new identity in the market.

“We are answering the call for centrally located media style ‘character’ space to accommodate creative companies of Leeds, whilst offering flexible corporate space on the larger floor plates,” he added.

The Leeds office of Knight Frank, together with London-based Lewis Ellis acted as agents for FORE. Lloyds Bank were the senior lender and DTZ advised Apia.

FORE has retained Knight Frank and DTZ as joint letting agents and will be re-launching the repositioned building into the market early in the New Year.

Elizabeth Ridler, partner specialising in office agency at Knight Frank in Leeds, commented: “Yorkshire House is an outstanding building, which has been extensively refurbished and modernised by its previous owners, and is perfectly suited to becoming the leading Telecommunications, Media and Technology (TMT) hub.

“The office has inspiring views across Leeds city centre and is perfectly situated in the heart of the city’s professional quarter, with a host of excellent facilities close by.

“This transaction is yet another example of London investors being attracted to the strong fundamentals of regional property, especially in Yorkshire. It is telling that the experienced investors are now looking seriously at strategic regional acquisitions,” she added.