Middle Eastern investor acquires Leeds city centre building for £2.3m

Zicon House, Wade Lane, in Leeds city centre is set to be transformed into a residential scheme after it was sold off a guide price of £2.3m.

Carter Towler concluded the purchase of the property on behalf of a Middle Eastern investor who has plans to convert the 3 storey 23,000 sq ft office block into apartments.

Zicon House is located adjacent to the Merrion Centre and close to the First Direct Arena. Permitted Development Rights have already been granted for a 65 studio and one bedroom apartment scheme.

Carter Towler director David Towler said: “This is the seventh deal we have done with Leeds-based property company YPP who represent this client and we are thrilled with the successful outcome of this particular deal.

“We had to act quickly to tackle one or two challenges including negotiating the removal of a restrictive user covenant. The market is very buoyant at the moment; there was a lot of competition.”

Plans to convert the building from office to residential use have been made possible by the Government’s relaxation of the planning regulations in the form of temporary permitted development rights.

These changes have facilitated a raft of conversions, and there is now a plethora of new private and student living accommodation under development.

Abdulaziz Al-Nujaifi of YPP added on behalf of the purchasers: “Leeds is a prosperous city and the area around the Arena has a great deal of potential. Our other developments in the city have been very well received; indeed Q One, formerly Brunswick Point, which is adjacent to Zicon House and which we recently completed, is now fully let and occupied.

“We are already seeing significant new investment in the hotels, restaurants, bars and shops close to Zicon House and are confident our apartments will provide very attractive and conveniently located homes for people working or studying in the city centre.”

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