Catella APAM (APAM), the specialist UK & Ireland real estate asset manager, has acquired 12 Greek Street in Leeds city centre from Epsilon Real Estate Partners on behalf of its Cape Town based client, New Property Ventures (NPV).
Comprehensively refurbished in 2016, Greek Street is a high quality and prominent multi-let asset. It has frontage to both Greek Street & Russell Street and is only 3 minutes’ walk from Leeds central train station.
The building totals c. 23,500 sq ft set over 7 floors and is fully let to eight tenants including Netcompany UK Ltd, First Intuition Leeds Ltd and Marstons.
Andrew Day, head of asset management (North) at APAM, said: “We are delighted to acquire 12 Greek Street as part of the continued expansion of NPV’s UK regional office portfolio, which now exceeds £70m. The asset is in an excellent location, based in the heart of the city’s CBD and high-end leisure pitch ensuring it benefits from the city’s vast transport network.
“12 Greek Street presents several asset management opportunities and, following the recent leasing success at APAMs One City Square and 2 Whitehall Quay assets, we will utilise our extensive knowledge of the local market and asset management expertise to reposition the asset as a best-in-class office provision to reflect the markets continuing demand for good value, high quality accommodation, which is complemented by a strong amenity offering and ESG strategy. It also typifies the ongoing investment we make into our assets throughout the portfolio.”
Scott Shufflebottom, director at Sixteen Real Estate, said: “Sixteen Real Estate are delighted to secure this off-market acquisition on behalf of APAM. 12 Greek Street is excellently located within the heart of Leeds central business district and offers a unique opportunity to quickly unlock reversionary investment value through proactive asset management.
“Whilst currently a fully let asset, the short-term nature of the occupier profile provides extensive opportunities to drive the asset forward through internal refurbishment and attracting new occupiers to the building.”
