76 Wellington Street, Leeds, LS1 4DL
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NorthCap have successfully sold this core plus office building on behalf of Ardstone Capital.
The property comprised a multi-let office building located in the heart of Leeds’ financial district.
Total net internal area of 35,951 sq ft (3,339.85 sq m) with 28 car parking spaces. Suite sizes range from 2,680 sq ft (248.97 sq m) to 6,103 sq ft (583.41 sq m); a close fit to the native occupier market.
High quality, professional tenant mix, with all occupiers providing Creditsafe ‘Very Low’ or ‘Low’ risk covenants.
Average office rent passing of just £22.34 per sq ft compared to a recognised city headline of £36 per sq ft, providing an excellent platform to capture ERV growth.
WAULT of 4.05 years (2.57 years to break).
The purchase price was £12,600,000 reflecting a net initial yield of 6.37%.
The purchaser Hillview Real Estate was represented by CBRE.
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