Leeds office scheme acquired in multi-million pound deal

City West Office Park, the out-of-town office scheme in Leeds, has been acquired as part of a multi-million pound portfolio deal.

London-based asset management business, Xlb Property, and Harbert Management, acquired the scheme from the £200m+ Webb Portfolio.

Commercial property consultants, JLL and Carter Towler have been appointed joint agents to the office scheme, which comprises three office buildings totaling 93,000 sq ft of office space.

A total of 42,500 sq ft is available to let with suites available from 4,753 sq ft. Ground and first floors of Building 3 are leased to serviced office provider, Regus and part of the second floor, and entire third floor, is let to risk management business, Lexis Nexis.

Other tenants in the scheme include fitted kitchen designer and manufacturer, Alno UK which took an additional 5,000 sq ft to occupy the entire building No 1 City West from January this year.

Plans for City West Office Park haven’t been revealed by the new owners, but the scheme includes about 6.2 acres of development land which could accommodate a range of uses, subject to planning.

William Poole, Xlb Property partner, said: “City West represents a great opportunity to add value through creative asset management and refurbishment to realise the full potential of the scheme which is among the best out-of-town office locations in Leeds.”

Richard Thornton, JLL director of office agency, Richard Thornton, added: “The calibre of current tenants are testament to City West Office Park’s USP - a large and efficient floor plate with a high-quality specification and cost effective rents.”

Richard Fraser, director at joint letting agents, Carter Towler, also commented: “With superb road connections to Leeds city centre and the motorway network, City West is a great all-round offer to Leeds’ office market. We are already receiving some strong interest from potential occupiers and expect exciting plans for the scheme.”

The specification for the three buildings include a double-glazed curtain walling system with solar controlled glazing; 2.8m floor to ceiling height, four-fan pipe coil air conditioning and accessible raised floors with a minimum of 150mm clear space.