Leeds creative hub sold in £31.5m deal
LEEDS mixed-use hub the Round Foundry has been sold to a private investor for £31.5m.
Knight Frank’s Specialist Property Capital Markets team and their Leeds office advised owners the Igloo Regeneration Partnership on the sale.
The sale includes 155,811 sq ft of office, restaurant and residential space. The site is part of Holbeck Urban Village, south of Leeds Railway Station.
The 246,114 sq ft site sale reflects a net initial yield of 7.98%.
Peter Connolly, head of development, Igloo Regeneration Fund, said: “We are very proud of the phenomenal success of the Round Foundry and believe the sale price reflects this.
“The sale completes our business plan for a specific part of the development, but we want to emphasise that we remain active in the area. In particular, we remain involved in the adjacent 0.28 acre Ironworks development site.
“Following public consultation, a planning application has been submitted for the Ironworks scheme, which comprises 57 one, two and three-bed apartments, 15 townhouses and retail spaces of 1,200 sq ft and 700 sq ft,”
Rebecca Farnsworth, investment partner at Knight Frank in Leeds, added: “This is another excellent example of Igloo taking an area in need of regeneration and creating an innovative and desirable place to live and work whilst also providing excellent returns for their investors. The market has once again reacted extremely positively to the product they produce.”
The Round Foundry dates back to the late 18th century and was home to engineer Matthew Murray, who forged his name producing textile machinery and steam engines. The Round Foundry lays claim to being one of the world’s first specialist engineering foundries.
