City centre mixed use property hits the market
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Addington Capital, the property and investment asset management specialist has let 2,100 sq. ft of office space on the second floor at the former Elbow Rooms, 64-68 Call Lane in Leeds to North Property Group.
The new tenant has signed a 5-year commitment at £25 per sqft with Carter Towler and CBRE acting for the landlord.
Addington has now instructed Cushman & Wakefield to market the investment for sale with a quoting price of £4.00m (8.00% NIY / £168 CV psf).
Addington acquired the 24,000 sqft property out of receivership, in partnership in 2016. It obtained consent for a change of use to offices and refurbished the second and third floors whilst retaining the locally well-known Elbow Rooms branding.
The basement, ground floor and first floor are let to Revolution de Cuba, the popular Cuban tapas cocktail bar, while the third floor (4,500 sq. ft) is fully let to Parallax, a fast-growing digital agency headquartered in Leeds.
Philip Symonds, partner at Addington Capital said, ”Once stripped back, the characterful upper floors enabled us to design and deliver much-in-demand creative and modern office accommodation. Leeds has a growing innovative and enterprising local economy, and we are delighted to have harnessed this demand to attract a vibrant array of tenants. The property presents a rare freehold mixed-use investment opportunity in the lively heart of Leeds at an attractive price.”