Acting on behalf of Aberdeen Asset Management, CBRE’s Leeds Capital Markets and Office Agency teams have sold No.1 The Embankment on Neville Street, a prime 53,000 sq.ft office at the southern entrance to Leeds City Centre, to Patrizia on behalf of one of its German investors for over £10 million.
No.1 The Embankment is let to KPMG LLP who have been in occupation since 1990 and are due to relocate to a new 61,000 sq.ft property at Sovereign Square opposite in 2015. KPMG’s relocation allows Patrizia the opportunity to undertake a comprehensive redevelopment of the building to provide high quality Grade A office accommodation available in 2016.
Stuart Paterson, of Aberdeen Asset Management said; “The building has proved to have been a good investment over a number of years and we decided market conditions were right to dispose of the property. We wish Patrizia every success with their proposed scheme”.
Michael Hill,Director at Patrizia commented; “We were attracted by the building’s prominent CBD location at the southern entrance to the city centre and buoyant Leeds economy”.
Alex Whiting, Senior Director of Capital Markets at CBRE Leeds, said; “Aberdeen Asset Management decided sell No. 1 The Embankment before the expiry of KPMG’s lease in 2015 and the strong Leeds occupational and investment market ensured a good level of interest in the opportunity from local, national and overseas investors”
JLL Leeds acted for Patrizia in the transaction.
