Middle Eastern investor buys £2.3m Leeds offices
A MIDDLE EASTERN investor has snapped up a 23,000 sq ft office block in Leeds. The Zicon House site on Wade Lane was purchased by Carter Towler, and has planning permission for a residential conversion attached.
The unnamed investors plan to redevelop the site, adjacent to the Merrion Centre, into 65 studio and one-bedroom apartments.
The Government had relaxed planning regulations by way of temporary permitted development rights, allowing many conversions in the city centre, say Carter Towler.
Carter Towler director David Towler said: “This is the seventh deal we have done with Leeds-based property company YPP who represent this client and we are thrilled with the successful outcome of this particular deal.
“We had to act quickly to tackle one or two challenges including negotiating the removal of a restrictive user covenant. The market is very buoyant at the moment; there was a lot of competition.”
Abdulaziz Al-Nujaifi of YPP added on behalf of the purchasers: “Leeds is a prosperous city and the area around the Arena has a great deal of potential. Our other developments in the city have been very well received; indeed Q One, formerly Brunswick Point, which is adjacent to Zicon House and which we recently completed, is now fully let and occupied.
“We are already seeing significant new investment in the hotels, restaurants, bars and shops close to Zicon House and are confident our apartments will provide very attractive and conveniently located homes for people working or studying in the city centre.”
