The Embankment Leeds sold with a price tag of £7.3 million

No. 2 The Embankment in Central Leeds has been purchased by Kelda Group Ltd, (formally Yorkshire Water plc) for £7.3 million.

The 37,000 sq ft office is let to Kelda Group Ltd until April 2019 at an annual rent of £733,000 or £19.90 psf. On behalf of CBRE Global Investors, Colliers International has advised on the purchase from a private investor.

The property is located 250 metres south of Leeds Railway Station and overlooks the River Aire. Nearby occupiers include Eversheds, BT, Asda and RBS, and the recent KPMG pre-let at the Sovereign Street Development is directly opposite the property.

Michael Kershaw, Head of Business Space Investment at Colliers International, said “There has been excellent traction of late in both the Leeds occupational and investment office markets, and to secure this high quality CBD opportunity at close to 9.50% Net Initial Yield was a fantastic result.”

Colliers International advised CBRE Global Investors. Savills advised the private investor vendor.