Park Row site sold for £2.55m

A private investor has snapped up a prime Leeds city centre site.

Leeds-based UK City Commercial, acting on behalf of the unnamed investor, sold the freehold investment of the Park Row property, which is currently let to the Royal Bank of Scotland.

RBS has a 10-year lease on the site at an annual rent of £165,000. It also included the long leasehold interest of 25 apartments above known as Bedford Chambers.

Alistair Russell, managing director of UK City Commercial said: “This has been a three-year project. First of all to secure a new lease to the Royal Bank of Scotland who remained committed to a site they have been represented in for many years. Park Row remains a very strong location for financial institutions.

“We then had to navigate the vagaries of the property markets in 2016 as a consequence of the Brexit vote in June.

“The quality of the tenant and the location won through and was snapped up by a local private investor keen to secure a prime asset in Leeds.”