Converted former mill set to attract investors

A former Leeds mill building converted into high quality offices and occupied by Civica UK Limited on a new long term lease is set to attract investor interest from London and overseas . This is according to CBRE’s Leeds capital markets team who are seeking offers in excess of £5.94m for the investment, which reflects a net initial yield of 7%.

Vanguard House is a 28,435 sq ft office building occupying a prominent location at the entrance to Leeds City Centre on Dewsbury Road by Junction 3 of the M621. The attractive former mill was refurbished in 2001 to provide high quality offices and is fully let to established IT services and software company Civica UK Limited who established a national Customer Showcase Centre within the building last year following continued company success. Over 200 staff are now based at the building.

Civica UK has extended its commitment to the building with a new lease until 2033. The landlord IM Properties Plc was advised by CBRE’s office agency team and Civica were advised by Ian Culverhouse & Co.

Alex Whiting, Senior Director of Capital Markets at CBRE Leeds, commented:

“Vanguard House provides a rare opportunity for an investor to acquire an attractive and well-positioned property with the commitment and security of long-term income from a strong tenant. We expect to deal with enquiries from London-based and overseas investors.”