Historic post office in Leeds’ City Square sold in multi-million-pound deal

The grade-II listed Old Post Office in Leeds’ City Square has been sold ‘off-market’ to a private UK investor.

The multi-million-pound deal was originated by York-based property consultant Toby Cockcroft of Croft Commercial, acting on behalf of Highstone Estates, with Colliers International advising the purchaser.

Built in 1896 by Sir Henry Tanner, who was renowned for building some of the country’s grandest Victorian post office buildings, the Old Post Office was Leeds’ largest post office and also served as the city’s telephone exchange.

Highstone Estates, which acquired the Old Post Office in 1987, carried out a major refurbishment of the building in 2005 to create 23 serviced apartments known as “Residence 6” alongside a pair of restaurant units, one of which is occupied by Restaurant Bar and Grill.

The leasehold on the second unit has recently been assigned by Loch Fyne owner Greene King to Leeds-based bar group Arc Inspirations, which plans to invest £1.5m in its Banyan branded bar and restaurant on the site later this year.

Croft Commercial operates alongside Croft Residential, the York based agency that specialises in selling luxury, out-of-the-ordinary properties across the north of England, as well as finding suitable new homes for clients.

Toby Cockcroft, director of Croft Commercial, which marketed the building for Highstone Estates, said: “We are more known for marketing large country houses and estates, and commercial land parcels on behalf of clients, but the same principles apply to this type of off-market deal. We have a network of investors and high net worth clients globally that we can approach with unique property opportunities, and we are making a name for ourselves with these commercial deals too.

“The off-market sale process attracted both UK and international bids, including from the Middle East, London and the north of England, so we were really pleased to have closed the deal for Highstone.”

Jonathan Evans, director at Colliers International, added: “The new owners are pleased to have acquired this prestigious landmark property in the centre of Leeds. The restaurants are let to an established brand in Restaurant Bar and Grill, and the new Arc Inspirations, which will trade as Banyan, will add an exciting new concept to the centre of Leeds.

“The serviced apartments, Residence 6, now branded as Quebecs Luxury Apartments, will continue to operate exactly as before, but under new management. The new owners are experienced operators with a portfolio of other luxury boutique hotels including the four-star Quebecs Hotel in Leeds and the newly refurbished GreyFriars Hotel in Colchester.”