£9m property deal for prominent Park Row property
THE University of Law building in Leeds city centre has been bought for £9.3m by F&C UK Property Fund.
The seven-storey building on Park Row is let on an unbroken 15-year lease to the University of Law – which is paying £19.60 per sq ft for the 26,300 sq ft building.
The University has invested £1.25m into the centre, creating lecture theatres, workshops, library, cafe, study areas and a panoramic roof top terrace for its 50 staff and 400 students.
Jason Stowe, managing director of Wilton Developments, which managed the property alonside Clugston Estates, said: “We acquired the building in summer 2013 in order to take advantage of the substantial demand and supply imbalance in the Leeds City Centre office market. We were confident that the building represented excellent value and a great opportunity for a single high profile occupier.”
Ben Hall, investment director from Bilfinger GVA, which acted on the sale on behalf of Barmston, added: “15/16 Park Row, is a superb asset with solid fundamental qualities and a long unexpired term. Those qualities, combined with the relative low passing rent resulted in strong interest from both local and national investors.
“The headline yield of 5.48%, is yet another feather in Leeds’ cap which continues to attract inward investment from outside of the region”
Tim Cross partner at Langleys acted on behalf of Barmston in the sale. Mike Curtis of MC associates represented F&C UK Property Fund.
