First Leeds office investment deal of 2017 completes
Two multi-let buildings in central Leeds have been acquired, marking the first office investment deal to complete in 2017.
Wilton Developments, acting on behalf of HEADROW, has acquired Gallery House on The Headrow and Phoenix House located on South Parade from clients of LaSalle Investment Management for £5.8m.
The Capital Markets team at CBRE Leeds provided investment acquisition and building survey advice on the transaction to Headrow.
The properties comprise a total of 43,000 sq ft and are let to a number of high profile tenants, including Superdrug, Remploy, the Driving Test Centre and Leeds Beckett University.
Managing director, Jason Stowe of Wilton Developments, who will asset manage the properties on behalf of Headrow, said: “Gallery House and Phoenix House are prime Leeds office investments providing a good income return as well as having excellent rental growth prospects.
Alex Whiting, senior director of CBRE Capital Markets in Leeds, added: “The buildings have always been popular with tenants and offer a great opportunity to improve the future rental income by refurbishing and re-letting the small amount of void accommodation across the two properties.”
Matt Atkinson, director of JLL who advised LaSalle IM on the sale, said: “Our client has owned the assets for almost 10 years and the fund came to the decision that market conditions were favorable to progress a sale.”
