Canada Life is poised to sign one of the largest investment deals of the year in Leeds. The fund is paying British Gas Properties £30m for Leeds City Office Park, reflecting a yield of around 7%.
After prolonged and complex negotiations, Canada Life will take control of Cellnet’s headquarters in buildings one and two, where the telecommunications firm occupies around 13,000 sq m (140,000 sq ft) at £194 per sq m (£18 per sq ft) on a 20-year lease.
According to local sources, Edward Wojakovski of Tonstate, introduced the scheme to Canada Life and acted as ‘middle-man’ in the deal. Wojakovski will take a financial cut for doing so.
Canada Life refused to comment on the deal.
The investment sale is believed to include 1.01ha (2.5 acres) of development land. Leeds City Office Park is on Meadow Lane, five minutes walk from the city centre.
Knight Frank and Grenville Smith & Duncan are joint letting agents for the scheme.
EGi News 18/02/00
