KPMG’s Leeds offices bought for more than £10m

THE current home of KPMG in Leeds has been sold for more than £10m in the region’s biggest property deal of the year so far.

The prominent building, No 1 The Embankment on Neville Street, is at the southern entrance to Leeds City Centre, close to the city’s railway station.

KPMG is moving out after 25 years later this year to a new building around the corner in Sovereign Square.

The new owners of No 1 The Embankment, Patrizia, have bought the 53,000 sq ft office block on behalf of German investors. It will redevelop the building to Grade A office accomodation which will be available next year.

Patrizia paid more than £10m to Aberdeen Asset Management in a deal brokered by CBRE’s capital markets and office agency teams in Leeds. JLL Leeds acted for Patrizia in the transaction.

Stuart Paterson, of Aberdeen Asset Management said: “The building has proved to have been a good investment over a number of years and we decided market conditions were right to dispose of the property. We wish Patrizia every success with their proposed scheme.”

Patrizia director Michael Hill said they were attracted by the location and the “buoyant Leeds economy”.