CIS sells Leeds office block for £7m

CIS, which was represented by Axa Real Estate, has sold 6/7 Park Row, which was initially built as Lloyds Bak’s regional HQ in the 1970s. The granite-clad buidling has around 45,000 sq ft of floor space.

Edward Ziff, chairman and chief executive of Town Centre Securities, said “We are delighted to have purchased this well-known building in Leeds. Real estate like this rarely comes to the market.

“This is only the second time it has been sold in its history and we believe it will provide TCS with good initial cash flow and future potential opportunities.
Lloyds TSB Bank is the current tenant and has four years remaining on its lease.

Colin Goodwin, senior fund manager at AXA Real Estate, said: “This disposal demonstrates that there is a still clear demand for well-let, income producing offices in the UK’s major cities and, as the second regional office sale secured on behalf of The Co-operative Insurance in quick succession, it provides us with further capacity to rebalance its portfolio.”

Jones Lang LaSalle acted for AXA and Peter Lund and Partners for Town Centre Securities.