Prominent Park Row House in Leeds city centre acquired for £8.70 million

20 December 2017

ADAPT Real Estate working alongside Ship Street Advisors and acting on behalf of UKRO, a Jersey domiciled fund, represented by Savills, has acquired Park Row House in Leeds from a global real estate investment manager. The property was purchased for £8.70 million, reflecting a net initial yield of 5.50%.

The Grade II listed city centre Park Row House is a prominent Leeds office building providing 41,955 sq ft (3,900 sq m) of Grade A space. Partially refurbished in 2013 the property is currently let to six tenants including Search Consultancy Ltd, Charlton Morris and Icelolly Marketing with approximately 15,500 sq ft (1,439 sq m) vacant and available to lease. Located on Park Row, the property is close to both the business and retail districts of the city with nearby occupiers including Natwest, HSBC, Jamie’s Italian and Pinsent Masons.

Mark Wilson, associate director in the investment team at Savills Leeds, comments: "We are delighted to have acquired another prominent office asset for our client following their recent purchase of Riverside West in Sheffield. The regional office market continues to be popular with investors in an environment of strong take up levels and rental growth."

Knight Frank advised the vendor.

 
 

Key Contacts

Mark Wilson

Mark Wilson

Associate Director
Investment

Savills Leeds

+44 (0) 113 220 1254

 

Rebecca Allen

Rebecca Allen

PR Officer
Commerical Marketing & Press

Savills Margaret Street

+44 (0) 207 409 8937