Yorkshire Bank HQ sold in multi-million pound deal
29 Mar 2016
Yorkshire Bank's headquarters in Leeds has been sold for £16m.
A private Spanish investor has acquired the property, which offers 76,344 sq ft of office space across five floors and has been entirely let to the bank since it was completed in 1980.
The annual rental income is £1.19m, with circa nine years unexpired on the current lease.
Located at Twenty Merrion Way, the building is adjacent to the First Direct Arena and Merrion House, which is currently being redeveloped by Town Centre Securities as a 170,000 sq ft (15,793 sq m) headquarters for Leeds City Council.
Simon Lister, investment director at Savills, said: "This asset combines a secure income with excellent development prospects and an integral position in a booming area of Leeds city centre. We received significant interest from both overseas and domestic investors, and are very pleased with the strong sale price achieved."