STR Capital has acquired the 6 East Parade office building in Leeds for a private client from Bridges Fund Management and Evenacre for £10m.
The Grade A office building comprises 44,000 sq ft of space over seven floors and is multi-let to tenants including Dentsu, DLA Architects, Claranet, Iwoca, Muse, Overbury and ABS.
Marcus Langlands Pearse, partner at STR Capital, said: “Six East Parade follows on from our recent acquisition of two office buildings in Tunbridge Wells. Bridges have done an excellent job of repositioning this Leeds city centre office and we look forward to further enhancing the space. Six East Parade complements our current strategy of buying well let, future proofed buildings in strong locations.”
Guy Bowden, partner at Bridges Fund Management, added: “With 6 East Parade, we saw an opportunity to bring a disused building back into economic use and address the clear under-supply of prime office space in central Leeds. Our investment enabled an environmentally-led refurbishment that has made the building an attractive location for local businesses, who recognise the value of sustainability features in cutting operating costs and reducing their carbon footprint.”
Alex Whiting, senior director at CBRE, which advised Bridges and Evenacre on the deal, said: “Six East Parade is a high quality refurbished building in a prime location and investor interest in the property was strong. This multi-million pound deal highlights the continuing improvement of the Leeds investment market.”
Lewis Ellis advised STR Capital.
