Leeds office building sold in multi-million pound deal

A 33,181 sq ft office building in Leeds’ central business district has sold for £5m.

Oxford House has been acquired by Topland Group with the purchase price reflecting a net initial yield of 9.25%.

Located on Oxford Row opposite Leeds Combined Court Centre, the five-storey office building is home to 22 occupiers including Morrish Solicitors and Exchange Chambers and generates a total net income of £488,444 a year.

Samara Group previously acquired the building for £2.5m in 2014 and went on to undertake an extensive refurbishment programme, completing in 2016.

Cushman & Wakefield acted for the vendor, Samara Group while Ereira Mendoza advised Topland.

Richard Brooke, associate in Cushman & Wakefield’s investment team in Leeds said: “This deal provides an excellent example of where Samara Group have enhanced asset value through refurbishment and a successful letting strategy. The investment generates an attractive yield as well as offering ongoing asset management opportunities to further drive value.”