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.
Want your business, product or service to be seen regionally and nationally? Bdaily helps you get your story in front of the right audience, every day. Find out how Bdaily can help →
Join more than 55,000 subscribers by signing up to our daily bulletin each morning here.
Enjoy the read? Get Bdaily delivered.
Sign up to receive our popular Yorkshire & The Humber morning email for free.
What new NPPF rules mean for landowners
The hidden cost squeezing Britain's economy
Teesside deserves more than cashback devolution
Construction must be built on commercial discipline
Devolution needs financial firepower to drive growth
The value of creating a stronger careers route
Apprenticeships: Invest in talent or keep chasing it
Are you ready for salary transparency?
Confidence the key to our artificial intelligence future
The missing piece of the puzzle in the NEET crisis
The North East investment story needs two engines
We must forge change to close the skills gap