Historic Leeds office acquired in £10 million deal

Mon, 09 Mar 2015 | COMMERCIAL PROPERTY

A listed office building in Leeds, which was built in 1968, has been acquired in a deal worth £10 million.

Bank House on King Street, Leeds, was originally built by the Bank of England in 1968, who still occupy two floors of the building. Other tenants include leading Leeds-based law firm Walker Morris and pension fund Axa Insurance. Property investor Palace Capital have acquired the historic building for a reported £10 million.

The building recently gained listed status as one of 14 post war buildings with historic interest, and it mostly refers to the exterior. In terms of income, Bank House produces £910,310 gross rental income annually, with net income at £864,000.

The 88,000 square foot building is situated in the centre of Leeds' business district with around 8,800 square feet currently available to lease – something which new owners Palace Capital hope to fill very quickly thanks to a growing office market in Leeds.

Neil Sinclair, chief executive of Palace Capital, said: “I am delighted to announce this acquisition today. Leeds is one of the UK’s largest business centres outside London.”

He added that the deal is part of the company's ongoing desire to provide returns to shareholders via expansion into regional and secondary commercial property.
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