DTZ Leeds completes £1.5m New York sale

Acting on behalf of LPA receivers, property services company DTZ has completed the disposal of a vacant office building on 5-7 New York Road in Leeds city centre for £1.5m.

JM Construction Ltd has already purchased the building and plans on converting the vacant 5 storey city centre office building into 60 residential 1 and 2 bedroom apartments.

Around 40,000 sq ft in size, the building and its basement car parking is also located opposite the proposed Victoria Gate retail development.

JM Construction (Leeds) Ltd. is a well-established developer of quality residential properties on greenfield and brownfield sites.

The construction company has successfully completed a number of schemes along West Yorkshire’s Aire Valley, consisting of both new build homes and the conversion of traditional mill buildings.

The building garnered lots of interest from a broad range of investors and developers, which was mainly due to DTZ marketing the location on the basis of a conversion of office space to residential under Permitted Development rights.

Edward Catchpole, Senior Surveyor at DTZ, said: “This area of Leeds city centre is seeing considerable investment including the adjacent residential led scheme Crispin Lofts and the recently confirmed sale of the Old Centrica site, nearby. The high level of interest received in the property during the marketing period, much of which continued until the recent completion, demonstrates developers’ current appetite for residential development opportunities in Leeds city centre”.