ADAPT Real Estate working alongside Ship Street Advisors and acting on behalf of UKRO, a Jersey domiciled fund, has acquired its second asset in Park Row House in Leeds from a global real estate investment manager. The property was purchased for £8.70 million, reflecting a net initial yield of 5.50% and capital value of c. £200 per sq ft.
The Grade II listed city centre Park Row House is a prominent Leeds office building providing 41,955 sq ft (3,900 sq m) of Grade A space. Partially refurbished in 2013 the property is currently let to six tenants including Search Consultancy Ltd, Charlton Morris and Icelolly Marketing with approximately 15,500 sq ft (1,439 sq m) vacant and available to lease. Located on Park Row, the property is close to both the business and retail districts of the city with nearby occupiers including Natwest, HSBC, Jamie’s Italian and Pinsent Masons.
Adam Fletcher from ADAPT comments “We’re delighted to have purchased this second asset for the UK Regional Office Fund. The prominent and attractive property offers us a fantastic opportunity to breathe new life into the building and attract new tenants whilst also working with existing occupiers. We are eagerly looking to secure more core plus and value add offices in the regional UK city centres”.
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