| the yorkshire region EXPANDING LAW FIRM
lexus Law Ltd, the pioneering national law firm which specialises in criminal negligence and personal injury claims, is expanding its operations in Leeds.
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The firm is renewing its lease on 32,000 sq.ft of office space at Joseph’s Well in the West End of the city and is taking an additional 12,000 sq.ft. The rent is £16.75 per sq.ft inclusive
of all service charges on a 15-year lease. The landlords J Pullan and Sons are undertaking a full refurbishment and fit- out of all the 44,000 sq.ft of office space to bring it up to high quality office standards.
Andrew McDougall, Plexus Law CEO,
commented: “Working with the landlord, we have agreed a long-term property transaction that allows us to improve our accommodation and adapt to the changing business needs that the legal industry is witnessing.” added Mr McDougall.
The spectacular transformation of the 156,000 sq.ft five-storey building in Westgate, which was originally built for Leeds clothing magnate and MP Sir John Barran, has led to a raft of new tenants during the past 12 months.
6.6M SALE OF AIREDALE HOUSE IN LEEDS
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ridges Ventures (“Bridges”), the specialist sustainable and impact
investor, has completed the sale of Airedale House, a 41,432 sq. ft. mixed retail and office property in Leeds city centre, to GM Legato Property. The sale price of £6.625m reflects a net initial yield of 8%. Bridges bought Airedale House in December 2013, via its first Bridges Sustainable Property Fund. It then undertook a substantial environmentally-led refurbishment of the property, including the installation of solar photovoltaic panels on the roof to generate electricity for the common areas. This helped to reduce the building's carbon footprint by more than 1,000kg of CO2
per annum, improving its
EPC rating from D to B, while also reducing energy costs for tenants.
The asset management strategy pursued by Bridges for Airedale House enabled the transformation of what was previously a half-vacant building into one that is now approaching 100% occupancy. The buyer, GM Legato Property Ltd, is an investment company set up by Yorkshire-based private investor Graham Goodwin. CBRE advised Bridges on the sale, while Knight Frank acted for GM Legato Property.
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HERMES COMPLETES £42 MILLION LOAN
ermes Investment Management (Hermes), the £24.1 billion manager focused on delivering superior, sustainable, risk adjusted returns to its clients – responsibly, has completed a £42 million loan for its Hermes Real Estate Senior Debt Fund.
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Hermes has provided £42 million of financing to an affiliate of H.I.G. Capital LLC, a leading global private equity investment firm, for its purchase of two UK shopping centres: the Kirkgate Centre in Bradford and Newbury’s Kennet Shopping Centre. The deal has a loan period of five years. This deal brings the total amount the fund has invested in the UK senior debt market to £300 million across nine loans. The Hermes Real Estate Senior Debt Fund aims to generate net returns exceeding 3 month LIBOR plus 2% margin p.a. by investing in loans with equivalent risk to corporate bonds rated A- or BBB. Vincent Nobel, Head of Real Estate
Debt, Hermes Investment Management, said: “We still see a good supply of low risk deals offering our investors an income return that is compelling on a risk-adjusted basis. In 2015 we saw more than 146 loan opportunities worth in excess of £10 billion.
BRUNTWOOD APPOINTS AGENTS
runtwood has appointed the joint agency team of CBRE and Knight
Frank on its City House redevelopment above Leeds City Train Station. Bruntwood’s investment into City House is underway, with an expected completion date of May 2017. The building will offer a total 119,210 sq.ft of flexible space designed with contemporary business in mind, with full floors available of 9,630 sq.ft. The redevelopment of City House is
crucial to the long-term regeneration of the gateway to Leeds. Bruntwood will continue to work closely with Network Rail on the redevelopment of Leeds train station so that, in the future, City House can be linked to the train station with direct access onto the concourse. Craig Burrow, director at Bruntwood,
said: “We were keen to secure a strong agency team who could work with us to communicate our vision to future occupiers.”
Alex Hailey, Associate Director of
Office Agency at CBRE Leeds, said: “Bruntwood’s wider vision for the future of workspace is being brought to life in one of the city’s most prominent buildings.”
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CBRE APPOINTED
he Industrial Agency team at CBRE in Leeds has been appointed by Millfield
Estates Limited to bring to market Unit 3, Roundwood Industrial Estate in Ossett, West Yorkshire.
Unit 3 is a 17,891 sq.ft modern industrial warehouse located on Roundwood Industrial Estate. The property benefits from two storey office accommodation, a shared service yard and car parking for 10 vehicles and will be available for occupation late summer. Roundwood Industrial Estate is
located approximately two miles west of Wakefield City Centre immediately off the A638 Wakefield Road. The property is strategically located 0.5 miles from Junction 40 of the M1 motorway providing access to the wider Yorkshire region and motorway network. The intersection of the M1 and M62 is only 4 miles to the north. Dave Cato, Associate Director of
Industrial Agency at CBRE Leeds, said; “A unit of this proportion within a well- connected and established location will be a very welcome addition to the regional industrial market where supply of quality stock is extremely limited. We anticipate strong interest in this property.
NEWS IN BRIEF
The Retail team at CBRE Leeds has secured a letting to Busaba Eathai at the former Lloyds Bank unit on Park Row in Leeds City Centre. The popular Thai restaurant group, 14 locations across the UK and 1 in Dubai has taken a 15 year lease on the 6,000 sq.ft unit.
Gregory Property Group has secured planning approval to redevelop a derelict, former Corn Mill building in Horsforth, Leeds into high quality residential apartments. The Grade II listed building off Low Lane is thought to date back to the 16th century
The Grade II-listed Hallmark House, one of Bradford’s most iconic buildings, has been placed on the market. In addition to the House itself, 57,674 sq.ft of refurbished warehousing and stores are also included in the 8.8 acre sale. Dove Haigh Phillips are marketing the property.
Pizza Hut Restaurants has announced that it is signing the lease for its first new restaurant in over five years, creating 50 jobs. The restaurant will be located in the new leisure extension of the popular White Rose development in Leeds, alongside the new, 11-screen Cineworld.
COMMERCIAL PROPERTY MONTHLY 2016
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