Palace Capital has exchanged contracts to buy Bank House
in the centre of Leeds from an undisclosed pension fund for £10m.
Bank House is an 88,000 sq ft listed building let to the Bank of England, Axa Insurance and Walker Morris.
The property produces a gross rental income of £910,310 pa and a net income of circa £864,000 pa, representing a net yield of 8.1%.
Neil Sinclair, chief executive of Palace Capital, said: “We are continuing to seek and evaluate additional acquisitions of property portfolios and appropriate single assets and are positive about the prospects of further enhancing shareholder value.”
Harvey Burns and Co acted for Palace. The vendor was represented by Savills.
