DTZ Investors seeks over £10m for Leeds’ Electric Press

DTZ Investors has instructed Stockford Anderson to find new owners for The Electric Press in Leeds. The landlord is seeking £10.1m for 54,387 sq ft mixed-use block. If transacted at the asking price, the deal would reflect 10.2% initial yield. The grade II-listed building sits within Leeds’ Civic Quarter, overlooking Millennium Square, and is home to leisure occupiers including Revolution Bars, Be at One and Tavernaki Bistro. The offices have been recently let to The Institute of Contemporary Music Performance, an independent provider of higher education. The investment provides a total rental income of £1.1m per year. The Electric Press, which was refurbished and reimagined in 2000 by Asda St James, comes with long leasehold from Leeds City Council, with an unexpired term of 228 years at a rent of £1 per year.  James Welch, partner at Stockford Anderson, said: “The Leeds office market has experienced growth in the last couple of years, with take up and rents increasing, with the education sector playing a part in this activity. The purchase of The Electric Press represents an excellent opportunity to participate in this growth, at an attractive yield.”