The building previously changed hands in 2009. Credit: via Candid PR

Prime Leeds retail asset traded

Occupied by Itsu, 36-38 Commercial Street has been sold to a private investor for £2.5m.

Columbia Threadneedle is understood to be the vendor, advised on the deal by Leeds consultancy GV&Co.

The 6,500 sq ft building, which is spread across five storeys, sits on the junction with Trinity Street. The purchase reflects a net initial yield of 3.38% rising to 6.77% in July 2023 following a fixed uplift in the rent.

Garry Howes, director of investment at GV&Co, said: “This is a landmark building on one of Leeds city centre’s busiest streets as well as being next to the northern entrance of Trinity Leeds, meaning thousands of people walk past it every day.

“It also benefits from a very popular tenant in itsu, a long lease until 2032, and a fixed uplift in the rental income. This made it a sought-after investment opportunity with a number of UK fund managers and private companies all expressing an interest.”

Set up by Julian Metcalfe and Clive Schlee, Itsu first opened in Chelsea in 1997 and now has more than 70 stores across the UK selling sushi, salads, rice and noodle bowls and gyozas.

According to records, the 36-38 Commercial Street/21 Trinity Street building was last traded in November 2009 for £4.1m.

Columbia Threadneedle was contacted for comment.

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