Member Article

Leeds former mill acquired by investment management firm for £6 million

A former Leeds mill has been acquired by LaSalle Investment Management for £6.05 million.

Acting on behalf of IM Properties Plc, CBRE’s Leeds capital markets team has sold Vanguard House to the investment management firm, and DTZ represented LaSalle Investment Management..

Vanguard House is a 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, said: “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”

This was posted in Bdaily's Members' News section by Clare Burnett .