A joint venture between funds managed by Europa Capital and Addington Capital, the property and investment asset management specialist has sold the Elbow Rooms, 64-68 Call Lane, Leeds for circa £4.00 million.
The building, which was once one of Leeds’s most popular nightclubs, has been sold to the private investment vehicle of a high-net-worth investor.
The joint venture partnership acquired the 24,000 sq. ft property out of receivership in 2016 and Addington has since been asset managing the property. It obtained consent for a change of use to offices and refurbished the second and third floors whilst retaining the locally well-known Elbow Rooms branding.
The basement, ground floor and first floor are now let to Revolution de Cuba, the popular Cuban tapas cocktail bar. The third floor (4,500 sq. ft) is fully let to Parallax, a fast-growing digital agency headquartered in Leeds. Last year North Property Group took 2,100 sq. ft of office space on the 2nd floor on 5-year lease at £25 per sq. ft. A remaining 2,100 sq. ft of space is still available to let via agents Carter Towler.
Matthew Allen, Principal at Addington Capital said, ”Once stripped back, the characterful upper floors at the Elbow Rooms has enabled us to design and deliver much-in-demand creative and modern office accommodation in the lively heart of the city. Leeds has a growing innovative and enterprising local economy, and we are delighted to have harnessed this demand to attract a vibrant array of tenants and now a buyer for the building.”
Cushman& Wakefield advised the vendors.