Former Simon Morris apartments sold to Chinese investor
APARTMENT block 20:20 House in Leeds, once owned by disgraced property tycoon and former Leeds United director Simon Morris, has been bought out of administration by Shanghai investor Charlie Qian.
The block of 189 tenanted apartments in Skinner Lane, Leeds, comprise 63 studios, 76 one bedroom and 50 two bedroom flats together with 60 car parking spaces.
The Leeds office of hlw Keeble Hawson represented the Chinese buyer in the undisclosed eight figure deal.
Partner, Richard Larking, said: “This deal is further evidence that Leeds is attractive to foreign investors – particularly as the London market overheats. The apartments, which are in an area popular with young professionals, are 99 percent let and represent an extremely good investment.”
Geoff Thomas, corporate finance director at Brown Butler Chartered Accountants, Leeds, helped to broker the deal. He said: “The purchaser plumped for Leeds after also considering property in Manchester. With the Arena and new shopping quarters such as Trinity and Victoria Gate, Leeds is attractive to investors looking for higher yield opportunities.
“These apartments have been well run by administrators KPMG and are in in a location earmarked for further improvements over the next few years.”
The sale of the Skinner Lane apartments was handled by the Leeds office of property agents Jones Lang LaSalle.
