Property sale at energy resource location specialist’s HQ

Getech, a geoenergy and resource company, has completed a partial sale of its head office.

The head office is at Elmete Hall, near Leeds, which comprises three adjoining properties known as Kitson House, Nicholson House and The Old Hall, of which the Company owned two properties: Kitson House, a 5,726 sq ft Grade II listed Georgian building, and Nicholson House, a modern 6,996 sq ft office building.

During the pandemic, the business vacated Kitson House to reduce costs and its staff are now located within Nicholson House.

Kitson House has now been sold for gross proceeds £0.65m. Getech says it intends to use the net proceeds of the sale to paydown bank debt secured on the property, which is currently in discussion with the bank, with the remainder retained by the business for working capital.

The company has retained freehold ownership of Nicholson House, which was independently valued in December 2023 at £0.86m.

Its remaining debt, which is estimated to be about £0.35m, will be secured solely against Nicholson House.

Getech continues to market Nicholson House for sale, as it wants to sell the property and move to more suitable premises in central Leeds.

Richard Bennett, acting CEO, said: “We are pleased to have sold Kitson House and we will use the net proceeds to continue to develop the business.

“Although the property market remains challenging, we shall continue to offer Nicholson House to the market and use the proceeds to relocate within Leeds to more appropriate offices closer to the university and its innovative community.

“This will enhance the business as we accelerate the development of the Globe geoscience platform.”

While there has been no physical move, the company’s registered office and place of business has been updated to: Getech Group plc, Nicholson House, Elmete Hall, Elmete Lane, Leeds.