£10m deal completes to sell city centre offices

Acting on behalf of Bridges Fund Management and Evenacre, CBRE’s Leeds Investment team has completed the sale of 6 East Parade, an office building in central Leeds, for more than £10m.

The building was acquired by STR Capital for a private client.

The Grade A office building comprises 44,000 sq ft of space over seven floors with 13 basement parking spaces and is multi-let to tenants including Dentsu, DLA Architects, Claranet, Iwoca, Muse, Overbury and ABS Ltd.

Lewis Ellis advised STR Capital, a UK focused commercial real estate investment asset management company, acting on behalf of a private client.

Alex Whiting, senior director at CBRE who advised Bridges and Evenacre, said: “6 East Parade is a high quality refurbished building in a prime location and investor interest in the property was strong.

“This multi-million pound deal highlights the continuing improvement of the Leeds investment market.”

Guy Bowden, partner at Bridges Fund Management, said: “With 6 East Parade, we saw an opportunity to bring a disused building back into economic use and address the clear under-supply of prime office space in central Leeds.

“Our investment enabled an environmentally-led refurbishment that has made the building an attractive location for local businesses, who recognise the value of sustainability features in cutting operating costs and reducing their carbon footprint.”

Marcus Langlands Pearse, partner at STR Capital, added: “6 East Parade follows on from our recent acquisition of two office buildings in Tunbridge Wells.

“Bridges have done an excellent job of repositioning this Leeds city centre office and we look forward to further enhancing the space.

“6 East Parade complements our current strategy of buying well let, future proofed buildings in strong locations.”