Developer doubles money on Grade II building in 18 months

HEPPER HOUSE, a Grade II-listed building on Leeds’ East Parade, has been sold for £775,000 – just 18 months after being bought for £400,000.

Wilton Developments acquired the 5,754 sq ft building in December 2013 and nearly doubled its money after completing the sale of the freehold to Avenbury Estates, alongside a leasehold deal to tapas chain Iberica.

“It had previously been used as an auction house, but had the potential to be sympathetically refurbished and attract a leisure occupier, said Jason Stowe from Wilton Developments. “We were confident that the building not only represented great value, but also the opportunity to promote its prominent location and the attractive features this listed building offered.”

Nick Brearley from Pudney Shuttleworth, which acted on behalf of Wilton Developments, added: “Securing interest in both the leasehold and selling the freehold is testament to the fundamental qualities this attractive, well-located building offers and the returning strength of the Leeds city centre leisure offer.”

Iberica is scheduled to open later this year once “an extensive interior refurbishment” is completed. It is located opposite Sam’s Chop House, near to other leisure operators in South Parade and Greek Street.