Evans steps back into market with office deal
PROPERTY insiders are predicting that one of the shrewdest investors in property may be ready to significantly step back into the market following the purchase of a landmark Yorkshire office block.
Evans Property Group has acquired the freehold interest in No. 1 Park Row, Leeds, from Aviva Investors for an undisclosed sum.
The property, on the right of the photo and neighbouring 1, City Square, was originally developed in 1999 and provides 80,000 sq ft of Grade A office accommodation over nine floors together with 72 basement car parking spaces and is let to major law firm Pinsent Masons solicitors until July 2024.
The deal is seen as significant by property experts because family-owned Evans Property Group sold off more than half of its portfolio in a deal worth £400m to REIT Asset Management in 2007 when the commercial property market was riding high.
It also sold other parts of its portfolio off in deals worth another £200m.
Property industry insiders have been watching to see when Evans, headed by Monaco-based entrepreneur Michael Evans, will move back into the market looking for high quality investments at competitive prices.
The group, which was founded by Mr Evans’ father, had built up its portfolio of mainly northern office and commercial properties over 30 years and after the sale, moved its head office from Leeds to London.
Evans Property Group still has substantial holdings in the Yorkshire area.
Managing director John Bell said: “We are delighted with this acquisition. It is a quality building in just the sort of prime location we are looking for.
“It is very much in line with our strategy of acquiring secure income with excellent prospects for growth.”
King Sturge advised Aviva Investors and Dixon Wimbush advised Evans Property Group.
