Wright & Partners were instructed by private property company clients to dispose of this newly created freehold investment property following completion of the refurbishment works. The property is located in the central pedestrianised area in Leeds City Centre and comprises 15,000 sq ft over four floors, occupied by Barclays Bank as their pre-eminent Regional outlet and a ground floor lock up shop let to Greggs Bakers
Both tenants have strong covenants and new leases with fifteen years unexpired – a very attractive proposition for investors. Wright & Partners conducted a carefully targeted marketing campaign, identifying several parties very interested in this type of investment product. A sale was agreed with a private investor regarded by the Practice as the most appropriate purchaser and the matter progressed smoothly to completion.
A price reflecting a yield of 5.4% was achieved which was better than expected by the client but was at the level valued by Wright & Partners.
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