Schroders puts prime Leeds office on the block

Schroders Capital through its Future Workplace Property Unit Trust has asked CBRE to sell One East Parade in Leeds city centre for over £17m. A deal at that price would reflect a net initial yield of 8.8%, representing a capital value of £316 per sq ft.  Schroders bought the building in 2017 for £12.7m. The multi-let office block, which spans 53,834 sq ft, has been recently refurbished to achieve fully electric, grade A-level workspace criteria, including BREEAM Very Good and WiredScore Platinum certificates. There are eight occupiers in the building, including Alvarez & Marsal, Goodall Brazier, Q-Park, Appleyard Lees IP and Clearwater Corporate Finance, paying a total net passing rent of £1.6m per annum at an average of £29 per sq ft. Most recently, Six East Parade, a 44,000 sq ft grade-A office block has changed hands in £10m deal.