A 33,181 sq ft office building in Leeds’ central business district has sold for £5 million.
Oxford House has been acquired by Topland Group with the purchase price reflecting a net initial yield of 9.25%. Cushman & Wakefield acted for the vendor, Samara Group whilst Ereira Mendoza advised Topland.
Located on Oxford Row opposite Leeds Combined Court Centre, the five-storey office building is home to 22 occupiers including Morrish Solicitors and Exchange Chambers and generates a total net income of £488,444 per annum.
Samara Group previously acquired the building for £2.50m in 2014 and went on to undertake an extensive refurbishment programme, completing in 2016.
Richard Brooke, Associate in Cushman & Wakefield’s Investment team in Leeds said: “This deal provides an excellent example of where Samara Group have enhanced asset value through refurbishment and a successful letting strategy. The investment generates an attractive yield as well as offering ongoing asset management opportunities to further drive value.”