Thorpe Park Leeds Paradigm building sold for £10.2m
Scarborough International Properties and its partner Legal & General have confirmed the £10.2m sale of the Paradigm office building in Thorpe Park Leeds.
Paradigm was the development’s first speculative office building, comprising 31,650 sq ft of office space across three floors as well as 122 parking spaces, and is fully let on 10-year leases to tenants Pure Retirement, Wates Construction, EP UK Investments Limited and Renew Holdings.
The deal with an undisclosed buyer forms part of a £162m investment to progress the 1.35 million sq ft mixed-use expansion of the area, with plans to develop residential properties, office accommodation and additional infrastructure to unlock land potential.
Rachel Dickie, head of urban regeneration at Legal & General, explained: “The sale of Paradigm is testament to our ambition to deliver Grade A office space at Thorpe Park Leeds that is on par to the city centre by creating institutional-quality assets.
“With the recent completion of the Springs, our retail and leisure destination, we are committed to creating a dynamic and varied destination at Thorpe Park Leeds.”
The Springs shopping and leisure park occupies 350,000 sq ft of retail and restaurant units and is home to a range of brands such as M&S Simply Food, H&M, TK Maxx, Nando’s and Pure Gym, with a 10-screen Odeon cinema also due to open this spring.
Paul Holcroft, director of asset management at Scarborough, added: “Following the completion of The Springs we have seen a significant increase in the number of office occupiers turning their attention to Thorpe Park.
“As the first speculative office building in this phase, Paradigm has been a very successful project.”
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