Westgate Point Leeds has been sold to Yorkshire based property company, YPP, on behalf of its Middle East-based client for a price of £9.30 million reflecting a Net Initial Yield of 8.9%.
The centrally located 8-storey office building, which comprises 46,806 sq ft, is let in its entirety to Weightmans LLP with just over 4 years unexpired lease term.
YPP represented by Cushman & Wakefield, WSB Property Consultants and Schofield Sweeney acquired the building from an undisclosed vendor, represented by Lisney.
Westgate Point is prominently located on an island site approximately half a mile north west of Leeds train station on the edge of the traditional office district. A short distance south is Park Square which is regarded as the heart of the traditional office quarter within the city.
Richard Brooke from Cushman & Wakefield’s Capital Markets team in Leeds, said: “The acquisition of this landmark office building represents a strategic deal for YPP. The investment provides solid income over the medium-term at an attractive yield, as well as offering a range of asset management options beyond the current lease.”
Farooq Zar from Schofield Sweeney’s Commercial Property team said: “I am delighted to have advised YPP and its client on the purchase of such a high profile office building which offers fantastic opportunities for the future. YPP continue to go from strength to strength and it is a pleasure to work with them.”