Deal for historic city centre building

A PRIVATE investor has spent £2.6m on the long leasehold on two floors of an historic building in Leeds city centre.
 
The deal includes the ground and basement floors of the Leeds Library building at 16-20 Commercial Street which are currently let to the Britannia Building Society and stationery retailer Paperchase.
 
The transaction represents a net initial yield of 8.4%.
 
The freehold of the building is owned by the Leeds Library which occupies the upper floors. It was founded in 1768 and is now the oldest subscription library in the country. One of its original members was the 18th century theologian Joseph Priestley.
 
Leeds agent Stephenson Day advised the investor whose identity was not disclosed. Cushman & Wakefield acted for the vendor.
 
Stephenson Day director Tom Day said: “This is a great boost for Commercial Street where investors have up until now, been waiting on the side lines to see what effect the Trinity Quarter has on the prime pitch.”