Shop & Store Investments has sold Airedale House in Leeds to Argyll Property Asset Management for just over £5.3m. The deal reflects an initial yield of 10.43%.
Built in the 1960s, the retail and office building at 77-85 Albion Street provides 2,547 sq m (27,420 sq ft) and generates £577,165 pa.
The shops are let on leases with up to 14 years unexpired while the offices are mainly let on shorter term. Tenants include Northern Rock, Barclays Bank and Oddbins.
Conway Morris acted for Shop & Store and Peter Lund & Partners represented Argyll.
EGi News 09/09/97
