DTZ Investors sells Leeds asset
DTZ Investors, advised by Bruce Gillingham Pollard, have sold the freehold interest of 81-82 Briggate, Leeds to Hanro Limited for a consideration of £2,510,000 reflecting a net initial yield of 7.85%.
The property comprises basement, ground, first and second floors and is of late Victorian/early Edwardian construction. It is let to Vodafone Limited until March 2024 with a tenant only break option in 2019, at a rent of £210,000 pa. The rent reflects a zone A rate of £259, suggesting the property is substantially over rented.
Fund Manager Sarah O’Brien commented, “We are delighted to sell this asset. The Leeds market has seen a huge influx of retail space over the past few years, which has put pressure on the retail rents on the historic pitch, particularly at this end of Briggate. We shall reinvest the proceeds of this sale along with other cash resources into assets that are more in line with our philosophy of multi-let industrials or mixed-use properties in dynamic urban areas”.
The purchaser was represented by MHPI