The property, located at 1 Sovereign Street, Leeds, will be let in its entirety to British Telecom on an 18-year lease from practical completion. The total rental income is £2,633,612 per annum, and shows a net initial yield of 6.8%.
This is the largest single let office investment in Leeds to date. Lambert Smith Hampton acted on behalf of Close Brothers Investment. Insignia Richard Ellis acted on behalf of the vendor, Royal London Asset Management.
Lambert Smith Hampton director Miles Youdan said: 'The purchase of this large, high profile development demonstrates the Leeds' office investment market remains strong, with no fall in prime yields. It highlights how well Close Brothers' syndicated purchase model works and, in fact, competes favourably with other more traditional purchasers.'
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