Investor buys city office building for £1.22m
Property Investor Kindale has acquired an office building at Temple Point Business Park, Leeds, for £1.22m.
The property, 3 Colton Mill, was sold by Nationwide Window Cleaning, which has subsequently taken a five-year lease at the building. The purchase price reflects a net initial yield of approximately 7% with strong reversionary potential.
Cushman & Wakefield and Wade Property Consultants jointly advised Kindale, while CBRE advised Nationwide Window Cleaning.
3 Colton Mill comprises 9,000 sq ft of office space over three storeys and is part of Temple Point Business Park, close to junction 46 of the M1 motorway in Leeds. The second floor is currently let to Kuwait Petroleum International Lubricants (UK) and the ground floor is vacant.
Richard Brooke, Partner in Cushman & Wakefield’s Capital Markets team in Leeds, said: “We are delighted to have completed another deal with Kindale. This deal perfectly demonstrates Kindale’s strategy of buying well-located property assets with strong potential for adding value through active asset management.”
Jonathan Wade Director in Wade Property Consultants added: “This is the third acquisition by Wade Property Consultants for Kindale in the past twelve months.
“Kindale have an established and proven track record in completing deals. This acquisition will be an excellent addition to their existing portfolio.”
