Leeds converted mill sold for over £6m

Acting on behalf of IM Properties Plc, CBRE’s Leeds capital markets team has sold Vanguard House to LaSalle Investment Management for £6.05m representing a 6.87% Net Initial Yield. DTZ represented LaSalle Investment Management.

Vanguard House is an attractive former mill refurbished in 2001 to provide 28,435 sq.ft of high quality offices at the entrance to Leeds City Centre on Dewsbury Road. The building is fully let to IT services and software company Civica UK Limited who expanded within the building to take full occupation and establish a national Customer Showcase Centre and UK hub office. Over 200 staff are based at the building.

CBRE’s office agency team recently agreed a new long term lease to Civica until 2033.

Alex Whiting, Senior Director of Capital Markets at CBRE Leeds, commented: “IM Properties Plc have owned the property for a number of years and it has performed well for them. Improving market conditions and completion of the new lease prompted the sale which generated a large amount of interest from both UK and overseas investors”

Greg Davison, Director at DTZ Leeds, commented: “Vanguard House provided a rare opportunity to acquire a well located quality office investment let to a strong tenant until 2033. The strong Leeds occupational market means that the property should enjoy healthy future rental growth”