£48.9m asking price for BT’s Leeds HQ

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£48.9m asking price for BT’s Leeds HQ
Sovereign House

Gatehouse Bank has appointed Savills to bring One Sovereign Street, BT’s Leeds headquarters, to market for £48.9 million.

The Grade A office building is fully let to BT on a lease with 17.25 years to expiry, incorporating RPI linked rent reviews.

Providing 139,079 sq ft of office accommodation, the property was built in 2002. One Sovereign Street is arranged over ground and six upper floors with an open plan office design around a feature atrium.

Located a short walk from Leeds station, nearby occupiers include KPMG, Direct Line Group, Mercer, Asda and the UK Government.

“One Sovereign Street offers an investor a chance to acquire a landmark headquarter building in one of the UK’s strongest regional markets,” said Simon Lister, Investment Director at Savills Leeds.

“The combination of the strong covenant, an indexed lease and an excellent location in the heart of the city make it an attractive prospect for those looking for secure long term income.”