Eight-storey city centre office block acquired

Westgate Point Leeds has been sold to Yorkshire based property company, YPP on behalf of its Middle East-based client for a price of £9.30m reflecting a net initial yield of 8.9%.

The centrally located eight-storey office building, which comprises 46,806 sq ft, is let in its entirety to Weightmans LLP with just over four years unexpired lease term.

YPP, represented by Cushman & Wakefield, WSB Property Consultants and Schofield Sweeney acquired the building from an undisclosed vendor, represented by Lisney.

Westgate Point is prominently located on an island site approximately half a mile north west of Leeds Railway Station on the edge of the traditional office district. A short distance south is Park Square which is regarded as the heart of the traditional office quarter within the city.

Richard Brooke, from Cushman & Wakefield’s Capital Markets team in Leeds, said: “The acquisition of this landmark office building represents a strategic deal for YPP.

“The investment provides solid income over the medium-term at an attractive yield, as well as offering a range of asset management options beyond the current lease.”

Farooq Zar, from Schofield Sweeney’s Commercial Property team, said: “I am delighted to have advised YPP and its client on the purchase of such a high profile office building which offers fantastic opportunities for the future.

“YPP continue to go from strength to strength and it is a pleasure to work with them.”