Acquisition to create new lease of life for city centre property

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Victa Property, a recently launched sales and investment agency set up by residential investment and development specialist Jordan Yorath, has announced its first acquisition on behalf of Leeds-based Mayfair Investment Group.

Yorath acted for the client having sourced the opportunity off market in September 2019.

He said: “Number 9 East Parade is a stunning piece of Leeds city centre real estate and our client looks set to commence works in early 2020.

“Mayfair Investment Group is looking to deliver a mixed use scheme, which will almost certainly feature some leisure space on the lower floors plus either residential apartments or a serviced office scheme on the upper levels.”

9 East Parade has previously been occupied by various tenants including a karaoke operator, a tapas restaurant and a bar, but is now set for a new lease of life after several dormant years.

Rohin Dhand, CEO of Mayfair Investment Group, added: “The acquisition of 9 East Parade represents another fantastic opportunity to further our foothold in the Leeds City Centre property market and add to our portfolio a beautiful listed building with huge potential.

“Our investment will bring this superb building into sustainable use that fits with this part of the city.

“Leeds continues to excel in all aspects of the property market and 9 East Parade is just a stone’s throw away from the vibrant Greek Street, major transport hubs and internationally recognised employers. 2019 was a fantastic year for Mayfair Investment Group and our sister companies, we have plans for even further growth in 2020.”

Having launched in September 2019, Victa Property is already working on a number of opportunities with both investor and developer clients across the North, including the sale of a £15m residential portfolio to a US-based fund.