Cordea Savills has bought Albion Court in Leeds from Catalyst Capital for £9.7m.
The 30,762 sq ft mixed-use property is let to Pizza Express, Byron, Card Factory and Bracken and brings in rent of £651,691 pa, representing a net initial yield of 6.35%.
Mark Wilson, associate director of investment at Savills, which acted for Cordea Savills, said: “We are pleased to have acquired this prime mixed-use asset at an attractive yield on behalf of our client. With popular high street chains in occupation and an average unexpired lease term of 13.5 years, it will generate a stable income for the fund.”
Savills has also been instructed as the managing agent at Albion Court. Knight Frank acted for Catalyst Capital.
