Commercial specialist Premier Property Group (PPG) has bought blocks A and C at the Cloth Hall Court office complex in Leeds city centre for £20.8m.
The deal for the blocks, bought from F & C Property Investment Management on behalf of Electricity Supply Nominees, represents a net initial yield of 7.08%.
Blocks A and C comprise around 100,000 sq ft (9,290 sq m) of prime offices – the majority of the building.
The offices are fully let to solicitor Eversheds and management consultancy Ernst & Young, producing a total rental income of £1.5m pa.
PPG, which is headed by Murray International’s David Murray, now owns an asset base in excess of £200m, spread across the retail, industrial and office sectors.
It includes offices in London, Edinburgh, Glasgow and Leeds.
Mark Rudolph, director of PPG Land in Leeds, said: “The purchase of Blocks A and C at Cloth Hall Court reflects our ongoing aim to identify prime office locations in the heart of the UK’s leading cities but which also offer an opportunity to enhance underlying asset value.”
Built in 1980, Cloth Hall Court lies close to City Square at the junction of King Street, Quebec Street and Infirmary Street.
King Sturge acted for F&C and ESN.
References: EGi News 04/02/04
