Addington Capital, the property investment asset management specialist has let 4,500 sq ft of office space at the former Elbow Rooms, 64-68 Call Lane in Leeds to Parallax, a digital agency in Leeds and London.
The lease is for the whole of the third floor and is for five years at a rent of £24 psf.
Addington, in partnership, acquired the 24,000 sq ft property out of receivership in 2016. It obtained consent for a change of use to offices and has refurbished the second and third floors whilst retaining the locally well-known Elbow Rooms branding. The basement, ground floor and first floor are let to Revolution de Cuba. The second floor is also available either to let as a whole or is capable of sub-division.
Philip Symonds, Partner at Addington Capital said, “We are delighted our focus to deliver contemporary but high-quality office accommodation has attracted such a renown and fast growing business as Parallax to the Elbow Rooms. We have several buildings in Leeds, including the recently refurbished Airside House, and we are benefiting from the innovative and enterprising local economy”.
Leeds ranks as one of the largest financial centres in the UK and home to several large industries including textile manufacturing and the service sector and has a booming student and young professional population. According to Savills predictions last year it is expected to see a 4.8% increase in office-based employment in the next five years and availability of top space is low. Addington believes this should help rents for newly refurbished second-hand space as we move into 2019.
Addington was advised by CBRE and Carter Towler.
