Former mill sold in £6.05M deal handled by Lodders’ real estate team

The real estate team at Midlands law firm Lodders have played a vital role in the sale of a converted mill building at the gateway to Leeds city centre by private company IM Properties plc.

The Lodders team, led by partner Mark Lee, acted for Coleshill-based IM Properties plc. on the sale of the former mill, Vanguard House, for £6.05million to LaSalle Investment Management, which completed on 22 December 2014.

Lodders has a long and established business relationship with IM Properties plc. and has advised it on many of its property and real estate transactions across the UK, with the sale of a portfolio of ten properties valued at £40.1million amongst other recent deals.

Vanguard House, which is on Leeds’ Dewsbury Road at the entrance to the city centre, was refurbished in 2001 to provide 28,435 sq ft of office space.

Mark Lee explained: “Having dealt with the re-gearing of the lease, Lodders was able to put together a comprehensive sales pack including all searches, which enabled the buyer to proceed quickly; a great result for the client at the end of a very busy year.”

Vanguard House is already fully let to IT services and software company Civica UK which expanded within the building to take full occupation with more than 200 staff, a national Customer Showcase Centre and UK hub office. CBRE’s office agency team recently agreed a new long term lease to Civica until 2033.

Also acting on behalf of IM Properties plc. on the sale was CBRE’s Leeds capital markets team. DTZ represented LaSalle Investment Management.

Alex Whiting, senior director of capital markets at CBRE Leeds, said: “IM Properties plc. has 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.”

Lodders Real Estate team acts on behalf of national and regional commercial property developers, residential property developers, investment companies and funders.