City centre office building acquired for £32m
A 108,000 sq ft office building in Leeds city centre has been acquired in a deal worth more than £30m.
APAM, the real estate asset and investment manager, has completed the acquisition of 1 City Square for £32.275m on behalf of its client, Britannia Invest A/S.
Developed in 1997, 1 City Square is located directly opposite Leeds train station. The building totals 108,000 sq ft accommodation with typical floors of 10,000 sq ft.
The property is multi-let to seven tenants, including Deloitte LLP which occupies over 50,000 sq ft until 2028. The building is 23% vacant at present.
Patrick Freestone, senior investment manager at APAM, said: “1 City Square is, one of, if not the most, prestigious office addresses in Leeds. The property has been owned by Aviva since it was developed in 1997 and we have plans to undertake a major refurbishment to breathe fresh life into the building.
“The Leeds market is coming off the back of two very strong years of take-up and Grade A supply is at an all-time low. The recent Channel 4 announcement to establish its regional base in Leeds has been a further boost for the city’s office market.”
JLL acted on behalf of APAM. Knight Frank acted on behalf of Aviva.
