Park Row House snapped up for £8.7m

Adapt Real Estate has acquired Park Row House in Leeds for £8.7m, reflecting a net initial yield of 5.50%.

The Grade Two listed city centre building provides 41,955 sq ft of Grade A space. Partially refurbished in 2013, the property is currently let to six tenants including Search Consultancy, Charlton Morris and Icelolly Marketing with approximately 15,500 sq ft vacant.

Adapt, working alongside Ship Street Advisors and acting on behalf of UKRO, a Jersey domiciled fund, represented by Savills, purchased the building from a global real estate investment manager.

Mark Wilson, associate director in the investment team at Savills Leeds, said: “We are delighted to have acquired another prominent office asset for our client following their recent purchase of Riverside West in Sheffield. The regional office market continues to be popular with investors in an environment of strong take up levels and rental growth.”

Knight Frank advised the vendor.