FORE Partnership has completed the sale of Yorkshire House & Hub, an 84,977 sq ft office building located in the heart of Leeds’ business district, to Castleforge Partners for £22,150,000, at a NIY of 4.9%.
Purpose-driven property investment firm FORE acquired the building for £17.8 million in September 2014 and undertook an extensive refurbishment to create a pair of design-led, low carbon workspaces.
Yorkshire Hub features space geared towards start-ups, ranging from 2,500 to 4,000 sq ft, while suites at Yorkshire House offers spaces up to 18,000 sq ft, creating room for businesses to grow.
FORE recently signed leases with Corecom Consulting for the sixth floor Hub suite, with Hair Burst for the fourth floor Hub suite, and with Alscient, who extended their occupation of the sixth floor House suite for another five years.
Reflecting FORE’s commitment to carbon reduction, the firm installed a number of sustainable features, including one of the city’s largest solar plants to power the building’s energy efficient LED lighting, which saves around 20,000 kWh per annum. FORE also improved the building’s EPC rating from D to B. Yorkshire House & Hub has been awarded BREEAM’s Excellent sustainability rating.
Yorkshire House & Hub became the first office building in Leeds city centre to achieve WiredScore Platinum, the highest possible rating of digital connectivity. FORE also installed best in class cycling facilities, including secure indoor storage, lockers, showers, and an on-site maintenance centre.
Occupiers have access to an expansive fifth floor terrace, as well as a wellbeing programme comprising regular fitness classes and networking events.
A key part of the strategy for the building has been to engage the wider community. FORE has partnered with charitable organisation Skippko Arts Team to curate a programme of art exhibitions in collaboration with local enterprises and universities.
FORE also supported Leeds Beckett University students by providing an opportunity for them to create illustrations and films for the buildings marketing materials, on the theme “Unmistakably Yorkshire”.
Basil Demeroutis, Managing Partner, FORE Partnership, said: “The success of Yorkshire House & Hub demonstrates that you can do well by doing right – that by focusing on low carbon strategies, social impact, placemaking and design, you can also enhance rental income and improve financial returns”.
Earlier this year, FORE secured planning permission for Tower Bridge Court, a 110,000 sq ft building in Southwark that will be one of the UK’s most sustainable offices. FORE also recently signed CBRE’s co-working arm Hana as the latest tenant at its highly sustainable Manchester office, Windmill Green. It will be the first Hana location outside of London.
Knight Frank acted for FORE, Savills acted for the buyer.