1 Whitehall Quay sold

LEGAL & General has acquired a prominent Leeds city centre office building for £14.38m.

Jones Lang LaSalle has boughtt 1 Whitehall Quay on behalf of Legal & General from Danmerc, reflecting a net initial yield of 7.88%. 

The 51,182 sq ft office building is let to Mercer and MWB Business Exchange Centres for a further unexpired lease term of six and a quarter years. 

The passing rent at the building equates to £21 sq ft reflecting a 20% discount to prime rents in the city.

Mathew Atkinson, associate director in Jones Lang LaSalle’s national Investment team in Leeds, said: “1 Whitehall Quay represents an excellent opportunity to reposition the property through refurbishment at lease expiry and subsequently

create one of the key grade A offices in Leeds city centre given its undoubted position within the prime core and proximity to the station.”

Knight Frank and MP2 advised Danmerc.