Trio of property acquisitions completed on Wade Lane in Leeds for YPP

Carter Towler has just concluded the third of three purchases on Wade Lane, Leeds for YPP.

The Leeds-based property company has completed the acquisition of Warwick House, a 14,800 sq ft property, off a guide price of £2.1m from Signal Property Investments.

The building is currently let to Interserve Working Futures and generates a gross rental income of £196k a year.

Late last year, Carter Towler negotiated the acquisition of Belgrave House, adjacent to Warwick House and prior to that Commerce House, in June 2016.

David Towler, Carter Towler director, said: “All three properties have been purchased by YPP on behalf of Middle East based clients as an investment.

“This area close to the Arena and Merrion Centre is flourishing and my client was keen to add these office blocks to his growing portfolio of properties in the city centre.

“I am extremely pleased with the successful completion of Warwick House. It has been a very busy period, not just for us at Carter Towler but the office market generally. We’ve had to be nimble with our negotiations to stay ahead of the competition.”

The 16,200 sq ft Belgrave House was purchased from Wade Lane Developments Ltd off a guide price of £2m and is currently let to Leeds City Council. The gross annual rental income is £243k.

Commerce House, which was owned by Allois Properties, was purchased off a guide price of £2.5m. The 22,725 sq ft, 5 storey building with two tenants, Unison and Foundation Credit Counselling, produces a gross annual income of £252,680.

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