The Medical Protection Society (MPS) has secured a further office building following a freehold acquisition at No 4 Victoria Place in Leeds.
The acquisition, providing 11,800 sq ft of office space, gives MPS full management of Victoria Place, the attractive gated office development located along the Leeds South Bank.
MPS acquired the neighbouring freeholds at 2 and 3 Victoria Place in 2012 for its UK and international operations base. The purchase of No 1 Victoria Place then completed last autumn, enabling MPS to accommodate additional staff in a single location close to its existing offices. JLL advised MPS across all four property deals bringing its total office floor space to over 80,000 sq ft.
Howard Kew, Finance Director at MPS, said: “MPS holds property assets on behalf of our members and this acquisition allows us to further invest in an area where we see great potential, as well as addressing a strategic desire to own and manage our own site. We now have room for future expansion to ensure we can continue to provide a first class service to our members into the future. We also have the potential to underlet further space until such a time when we need to utilise the space ourselves.”
Jeff Pearey, Director of Office Agency at JLL, who has advised MPS, added: “No 4 Victoria Place was a natural addition to MPS’ land holding, giving them more control over this strategic South Bank site as well as securing a considerable piece of Leeds real estate. We will ultimately be bringing No 4 back into the market to let when the present lease expires.”
Bray Fox Smith advised the vendor The Bradbury Executive Trust.