Overseas investor swoops for landmark office building in £19m deal

AN overseas investor has bought No.1 Park Lane in Leeds, home to credit reference agency Callcredit’s UK headquarters, in a multi-million pound deal.

A German institutional investor, represented by Savills, has sold the building for £19m.

No.1 Park Lane was constructed in 2001 and offers 76,260 sq ft of Grade A office space over seven floors.  

The property is let in its entirety to credit reference agency Callcredit at a rent of £1.5m a year.

Mark Wilson, associate director in the investment team at Savills Leeds, said: “This deal reflects the strong overseas appetite for prime regional office assets since the EU referendum last year.  The recently agreed lease extension providing 10 years unexpired income proved very attractive in the current income-focussed market.”

Yorktown Partners and Park Capital Investment acted for the purchaser.