1 Victoria Place sold in £6.73m deal
PATRICK Properties has completed the purchase of 1 Victoria Place in Leeds in a deal worth £6.73m.
The four-storey building, currently let to Natwest Bank, has been sold by the trustees of the Henry Smith Charity in a deal brokered by the Leeds office of King Sturge.
Jones Lang LaSalle advised the vendor.
Ben Hall, an associate in King Sturge’s Leeds-based investment team, said: “Victoria Place is an attractive building in a well established office scheme in a prominent gateway site in Leeds city centre.
“Patrick Properties has had a long-standing requirement for a quality office building in Leeds city centre and Victoria Place fitted the bill. The building is well located and the relatively short-term until the break clause enabled it to acquire the asset at a healthy initial yield of 10.15%.
“The acquisition of Victoria Place comes after our sales of Benson House and Kings Court earlier this year. All are high-profile office buildings in Leeds’ central business district.
“The three deals totalled more than 150,000 sq ft of prime office accommodation and had a total value of more than £36m, demonstrating good investor demand in the city.”
The 33,000 sq ft property has 92 car parking spaces and has an annual rent of £722,500. The deal with Natwest has seven years to run with a break clause in December 2012.
The buyer, Cheshire-based Patrick Properties, is a commercial property development and investment business with a property portfolio across northern England and eastern Europe.
