12 King Street, one of the finest office buildings in Leeds, has been put on the market for £26.25 million. Knight Frank and CBRE are leading the sale.
The state-of-the-art building has undergone a multi-million refurbishment and, according to marketing agents Knight Frank, is “effectively a new build.”
It is owned by Opus North and Fiera Real Estate UK (FRE UK).
Located in the heart of Leeds’ professional and retail core, the Grade A 12 King Street is fully let to nine national and international companies, including Lloyds Bank Plc, NM Rothschild & Sons Ltd, Azets and Endless.
The building, just two minutes away from Leeds Station, has been comprehensively redeveloped and taken back to its structural frame with a new 7th floor added. It comprises 52,237 sq ft of Grade A office accommodation with basement and 7 upper floors.
It also provides private terraces on the 1st and 6th floors, with the 7th floor comprising a substantial communal 3,875 sq ft wrap-around terrace.
Graham Foxton, investment partner with Knight Frank in Leeds, commented: “This is a magnificent opportunity to acquire one of the very best office buildings in Leeds, with a host of premier occupiers in a prime location. The assets technology and green credentials rival the very best buildings in the country, including EV charging, low water usage, a Platinum WiredScore and energy efficient occupational management systems.”
He added: “We haven’t seen activity in Leeds capital markets at the prime end for years, with the last transaction being Central Square in 2024.”
Henry King, Director at CBRE added: “There has been very little in the way of new build prime space in Leeds and as a result, occupiers seeking best in class accommodation are facing an increasingly limited choice. Headline rents in Leeds have now reached £52.50 per sq ft with meaningful growth expected moving forwards. 12 King Street is extremely well positioned to capitalise with a number of upcoming lease events and a highly reversionary rental profile offering a fantastic opportunity to drive performance.”
Surrounding quality office occupiers include: Channel 4; Knight Frank; CBRE; Deloitte; Sky and DLA Piper.
Chris Button, Head of Investment Management at Fiera Real Estate, commented: “We are proud to bring 12 King Street to market, a landmark office investment that exemplifies the quality and sustainability standards increasingly sought by occupiers and investors alike. The building’s prime location, strong tenant line-up and clear rental growth potential create a compelling investment proposition, while ongoing confidence in Leeds reinforces its appeal as one of the UK’s leading regional office markets.”
The basement houses 12 secure parking spaces 8 of which have EV charging points), a cycle and fitness spa with drying rooms and 6 showers. There are further parking spaces externally to the rear. The reception provides a business lounge for the use of the tenants.
The future is also particularly bright for Leeds as the city has experienced significant development in the residential sector. The population of the centre is currently growing more than ever. Over 6,600 beds have been completed over the last 5 years with a further 5,900 currently under construction which represents the highest residential construction level on record.
Over the next 10 years, Leeds’s economy is forecasted to grow by 21%. The city is the second largest centre in the UK for financial and legal services, employing 46,000 people across the professional services sector and in excess of 30 national and international banks.
