Energy resources location firm sells off its HQ

Leeds-based Getech, which locates energy and mineral resources, has confirmed the sale of its headquarters building – Nicholson House.
On 3 February 2025 the company exchanged contracts on the sale of its freehold interest in Nicholson House for a sale price of £725,000, including receipt of a non-refundable deposit of £72,500, with completion set for 27 February 2025.
On completion, a portion of the net proceeds will be used to repay the balance outstanding on the company’s bridge loan facility (£420,000) and other transaction fees, thereby eliminating all the firm’s borrowings and significantly improving the business’s financial position.
As part of the contractual agreement, Getech will continue to occupy one floor of Nicholson House under a partial leaseback which includes an initial three months’ rent-free period.
Once complete, the sale and partial leaseback transaction will provide the business with continuity of operations while achieving value from its property assets.
This follows the sale of Kitson House in January 2024, an adjacent building which also formed part of the company’s headquarters.
Chris Jepps, interim CEO, said: “The sale and partial leaseback agreement has several tangible benefits: firstly, unlocking the value of our real estate asset enables us to eliminate our debt and provide a stronger foundation for operations and growth.
“Secondly, by securing a good-value rent, we maintain operational stability for our head office and minimise any disruption.
“Overall, the transaction is a key component in rebalancing the Getech business and improving its operational efficiency.”