Property investor and developer snaps up city centre premises

Glenbrook Investments has continued its run of recent regional acquisitions with the purchase of 5-6 Commercial Street in Leeds city centre from Legal & General.

The off-market deal was concluded for a price of £1.74m.

The property, which is let to Watches of Switzerland and trades under its Goldsmiths brand, is let on a lease expiring in 2030.

Scott Griffiths, investment director at Glenbrook, said: “This is our second investment in Leeds city centre following the £6.7m purchase and £1m refurbishment of Albion Court, now renamed as St Albion’s.

“It underscores the belief we have in Leeds’s post pandemic recovery and longer-term growth potential.

“In particular, we like Commercial Street because of its concentration of jewellers and high-end watch brands; retailers that traditionally like to trade alongside one another and are less impacted by online shopping.

“Recent letting activity on the pitch means that there is no availability and we like these situations, as they generally provide superior income durability and opportunities for growth.”

Zameero and CMS acted for Glenbrook Investments and Acuitus and Eversheds Sutherland acted for L&G.