Council has plans to buyout landlord on city centre block

LEEDS City Council is planning to buy the lease on a city centre retail block in a move which it says will be financially beneficial and will give it outright ownership.

St George House is a 42,410 sq ft, five-storey office and retail property, located behind Leeds Town Hall.

Leeds City Council owns the freehold but wants to buy the leasehold on the property, currently occupied by Council services and private sub-tenants.

The head tenant, Wichford St George, is currently in receivership.

Leeds City Council said this sale, for an undisclosed sum, would provide greater flexibility in respect of the future management of, and plans for, the building.

Leeds City Council has proposed to complete the purchase and surrender by June 28 2013.

The offer has been made to the receiver on the basis that it is “subject to contract and executive board approval”.