JF Finnegan has sold its 25,000 sq ft Elizabeth House office building on Queen Street in Leeds City Centre to an institutional investor for an undisclosed sum. Bowcliffe LLP acted as agent for JF Finnegan with the Leeds office of Irwin Mitchell as lawyer. The buyer was represented by Stephenson Day with Addleshaw Goddard as lawyer.
JF Finnegan acquired Elizabeth House in 2011 and undertook a comprehensive Grade A refurbishment programme on the whole building to transform it into a new head office for law firm Clarion who now occupy 15,000 sq ft within the building. Following two new lettings totalling 6,652 sq ft at the end of last year to Leeds, York & North Yorkshire Chamber of Commerce and Stanley Davis Group Limited, and the recent letting to Murray Harcourt of 2,000sq ft, just one 2,000 sq ft suite remains available within the building highlighting the success of the refurbishment works.
The deal follows a successful year for the Sheffield-based contractor and developer whose turnover was boosted by 35% to £34.2M at the year ending September 2013. Major projects such as the completion of a sleeper factory in Doncaster for Network Rail, new stores for Costco and a 151,716 sq ft letting to Royal Mail at Magna 34 in Rotherham all contributed to the firm’s successful year.
Nick Gillott, Director of JF Finnegan, said; “Elizabeth House has been an incredibly successful project for us from the initial deal to Clarion through to the tenants we have attracted following the comprehensive refurbishment. The building is in a fantastic location within Leeds’ core business district and being almost fully let, presented a great investment for the purchaser. We are delighted to have brought the building back to life and are now turning our attention to similar future projects.”
Jeff Robertson at Bowcliffe LLP continued; “This transaction demonstrates the continued investor appeal in well located, high quality office stock in Leeds City Centre. JF Finnegan has transformed Elizabeth House into a high quality office building which has attracted high quality occupiers and institutional investment.”
