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Pair of buildings in Leeds commercial district acquired for £9.5m

Manchester-based Property Alliance Group has announced it has made its first acquisitions in Leeds following a £9.5m double deal.

The developer and investor has acquired 33 Park Place and 31 York Place from Aviva Investors, encompassing 64,278 sq ft of space.

The buildings themselves are situated within Leeds’ commercial district and share a central courtyard area. Currently 76% let, the tenant mix across both buildings is derived primarily from the professional services and property sectors, with the likes of Mapeley, Allsop and Trillium Property all currently housed within the properties.

Alex Russell, managing director of Alliance said: “We are actively seeking to expand our office portfolio outside of the North West. Leeds has seen significant development in recent years and has a thriving business environment, so is one of our key targets for further investment.

“These properties are in an ideal city centre location, close to the railway station and Trinity Shopping Centre and in a district which is home to many leading law firms, financial companies and property consultancies. With our asset management experience, we are confident that we can secure further lettings and look forward to building our presence in the city.”

Alliance and Aviva acted for themselves in the transaction. CBRE and JLL have been appointed as joint letting agents for both buildings.

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