Elland Road property acquired in £1.7m deal

ASSET management company Peloton Properties has bought four properties on Elland Road in a £1.66m deal.

In the off-market deal on behalf of a private investor, the North West-based firm bought the buildings which totalled 23,669 sq ft.

This reflected a net initial yield of 6.6%.

The buildings are let to Jewson, trading as Gibbs & Dandy until 2023.

Richard Brooke of Cushman & Wakefield who advised on the acquisition said: “Whilst generating a secure income over the medium term, it is the future development potential of this highly prominent site that really makes this an exciting opportunity”.

Jonathan Nuttall, managing director of Peloton Properties, comments: “This latest acquisition fits with our current mandate of gradual aggregation of well located assets with longer term value enhancement potential. We are keen to source similar assets across the country over the coming months.”

The vendor was a private investor advised by Stephenson Day.

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