Wilton Developments, acting on behalf of HEADROW Limited, has completed the acquisition of two adjoining multi-let office buildings in central Leeds. The Capital Markets team at CBRE Leeds provided investment acquisition and building survey advice on the transaction to Headrow Ltd.
Gallery House located on The Headrow and Phoenix House located on South Parade were purchased from clients of LaSalle Investment Management for £5.8M. The properties comprise a total of 43,000 sq ft and are let to a number of high profile tenants, including Superdrug, Remploy, the Driving Test Centre and Leeds Beckett University.
Managing Director, Jason Stowe of Wilton Developments, who will asset manage the properties on behalf of Headrow Limited commented ; “Gallery House and Phoenix House are prime Leeds office investments providing a good income return as well as having excellent rental growth prospects.
Alex Whiting, Senior Director of CBRE Capital Markets in Leeds, added; “The buildings have always been popular with tenants and offer a great opportunity to improve the future rental income by refurbishing and re-letting the small amount of void accommodation across the two properties.”
Matt Atkinson , Director of JLL who advised LaSalle IM on the sale, said; “Our client has owned the assets for almost 10 years and the fund came to the decision that market conditions were favorable to progress a sale.”
CBRE acted for the purchaser Headrow Limited & JLL advised the vendor Lasalle IM.