Leeds’ Electric Press hits the market
Owner DTZ Investors is asking £10.1m for the grade two-listed leisure and office establishment in Millenium Square.
Stockford Anderson is handling the sale, which will achieve an initial yield of 10.22% if the asking price is met.
Measuring around 55,000 sq ft GIA, the building provides a rental income of £1,101,961/yr and is currently occupied by Revolution Bars, Be at One, and Tavernaki Bistro.
The offices have recently been let to ADE UK, The Institute of Contemporary Music Performance, having undergone a comprehensive refurbishment to provide 16,500 sq ft of grade A space.
The property is on a long leasehold from Leeds City Council, with an unexpired term of 228 years at a rent of £1/yr.
James Welch, partner at Stockford Anderson, says: “Leeds is renowned for its lively and vibrant leisure scene and a city centre that is well connected with many destinations within walking distance, attracting both locals and a significant number of tourists.
“The Leeds office market has experienced significant growth in the last couple of years, with take up and rents increasing, with the education sector playing an important part in this activity.
“The purchase of The Electric Press represents an excellent opportunity to participate in this growth, at an attractive yield.”
