Investor pays £4m for refurbished city property
An investor has bought what was once one of Leeds’s most popular nightclubs.
A joint venture between funds managed by Europa Capital and Addington Capital, the property and investment asset management specialist has sold the Elbow Rooms, 64-68 Call Lane, for about £4m.
The building has been sold to the private investment vehicle of a high net worth investor.
The joint venture partnership acquired the 24,000 sq ft property out of receivership in 2016.
Addington has since been asset managing the building. It obtained consent for a change of use to offices and refurbished the second and third floors while retaining the locally well-known Elbow Rooms branding.
The basement, ground floor and first floor are now let to Revolution de Cuba, the Cuban tapas cocktail bar. And the third floor (4,500 sq ft) is fully let to Parallax, a growing digital agency.
Last year, North Property Group took 2,100 sq ft of office space on the second floor on a 5-year lease. A remaining 2,100 sq ft of space is still available to let via agents Carter Towler.
Matthew Allen, principal at Addington Capital, said: “Once stripped back, the characterful upper floors at the Elbow Rooms has enabled us to design and deliver much-in-demand creative and modern office accommodation in the lively heart of the city.
“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 and now a buyer for the building.”
Cushman& Wakefield advised the vendors.