The Bourse in Leeds city centre sold in £8m deal

The Bourse, the office and retail complex in Leeds city centre, has been purchased for £8m.

Paloma Real Estate Fund 1, advised by Paloma Capital, have bought the premises, with a yield of 9%.

The vendor was property developer and investor Opus North.

Located on Boar Lane less than 100 yards from Leeds Station and opposite the Trinity Quarter, The Bourse comprises 50,000 sq ft of office and retail space over three buildings, overlooking a central courtyard.

20 tenants currently occupying office space include William Hill, Evans Cycles, The Private Office, JLT, Robert Half and Allport Cargo Services and two convenience food operators.

Each of the buildings, Equity House, Sterling House and Bond House, has its own designated entrance with a multi-storey car park to the rear.

Sterling House is fully let but there is currently 3,850 sq ft of office space available in two suites in Bond House and Equity House.

Jack Pitman, founding Partner of Paloma Capital, commented: “The building is in a great location in the commercial and retail heart of Leeds, half way between the entrance to the Trinity Quarter and the station.

“Behind the beautiful, listed façade is a well laid out, modern building that should benefit from the significant capital investment that we are planning to make.”

Andrew Duncan of Opus North added: “On a personal note, I have fond memories of The Bourse, having had offices there with my former firm of property consultants Grenville Smith & Duncan in the 1990s and we were also the original letting agents for the building”.

Paloma Capital were advised by the Leeds office of property consultancy Knight Frank.

Henrie Westlake of Knight Frank, commenting on behalf of Paloma, added: “The Bourse is situated in an excellent and improving location and Paloma will be looking to actively manage the building to further enhance the ‘tenant experience’.”

Opus North were advised by Cushman and Wakefield and Singer Vielle.