Partner Article

Grade II Listed Former Auction House sold

~~Wilton Developments has sold Hepper House on East Parade, Leeds in a deal which almost doubled the return on investment.

Agent Pudney Shuttleworth acted on behalf of Wilton Developments, acquiring the property in December 2013 for £400,000. A leasehold deal was negotiated with tapas chain, Iberica, alongside a freehold sale to Avenbury Estates Ltd for £775,000.

The Grade II listed property lies in a prominent location, opposite Sam’s Chop House and close to the popular leisure destinations of Greek Street and South Parade. It offers 5,754 sq ft of space across the basement, ground and first floor. Iberica will now undertake an extensive interior refurbishment before opening its doors later this year.

Jason Stowe from Wilton Developments said: “We acquired the building at the end of 2013. It had previously been used as an auction house, but had the potential to be sympathetically refurbished and attract a leisure occupier. We were confident that the building not only represented great value, but also the opportunity to promote its prominent location and the attractive features this listed building offered.”

Nick Brearley from Pudney Shuttleworth said: “We acted for the vendor in selling the building to Wilton just over a year ago and were then retained to attract an occupier. Securing interest in both the leasehold and selling the freehold is testament to the fundamental qualities this attractive, well-located building offers and the returning strength of the Leeds city centre leisure offer.”

This was posted in Bdaily's Members' News section by victoria walker .