LaSalle Investment Management’s Danish client Bastionen has bought No.1 Park Row in Leeds from National Westminster Bank for £24m in deal reflecting a net initial yield of over 6.5%.
It is the second high profile European purchase in Leeds in recent months after Credit Suisse Asset Management GmbH bought Teesland’s Prince’s Exchange for £32m in September.
The 7,200m2 Park Row scheme is let to law firm Pinsent Curtis on a 25-year lease at £212.59 per m2. After months of negotiations, the lawyers finally signed up for the scheme last August.
Jones Lang LaSalle’s Mike Smith who acted for LaSalle and Bastionen said the he was pleased to have secured the deal “in terms of the quality of the building and 25-year lease to Pinsent Curtis”.
DTZ Debenham Thorpe acted for NatWest.
Meanwhile Bass Pensions is about to buy phase two of Victoria Place in the city from Wilson Bowden for £4.7m on a yield of about 6.85%. The 2,044m2 offices are let to Yorkshire Forward, the regional development agency on a 16-year lease at £166.85 per m2.
Grenville Smith & Duncan and Weatherall Green & Smith acted for Wilson Bowden while Jones Lang LaSalle advised Bass.
