Leeds investment market welcomes £5.1m deal
Ilkley-based private investment group, Glentrool Estates, has disposed of its freehold interest in a multi-let office building at 14 South Parade, Leeds.
The 26,000 sq ft building was acquired by the Welbeck Estates Company, represented by Edwin Thompson, for £5.1m, reflecting a net initial yield in the region of 6.75%.
The city centre office is let to occupiers including Forbes Solicitors, Northern Rail Ltd, Thorn Baker and Venn Group Ltd on a variety of different lease lengths.
Philip King, partner at Gerald Eve, which advised on the sale, said: “This transaction demonstrates that there is still appetite for well-let regional office buildings in the right location. With a strong occupational market in the financial and professional services sectors, we anticipate similar deals will come to the fore during 2013.”
Originally developed by Friends Provident in the 1930’s, 14 South Parade has been refurbished over the years to provide modern accommodation, flexible floor-plates and amenities such as passenger lifts, comfort cooling and shower facilities.