Investment group makes move into Yorkshire with £9.58m deal
LJ REAL Estate has expanded its portfolio into Yorkshire with the acquisition of its first property in central Leeds for £9.58m.
The family-backed investment group has bought 34 Boar Lane, formerly CGU House, located opposite Trinity Leeds shopping centre, from Regional REIT, managed by London & Scottish Investments. LJ Real Estate plans to refurbish the 51,000 sq ft office and retail building to create a “collaborative environment that offers its resident businesses top quality and characterful, designled office space with top-of-the-range technology as well an exciting range of restaurants and shops”.
Directors Sam Lawson Johnston and George Haddo – the driving forces behind LJ Real Estate – are leading the development. Their portfolio includes a cluster of five historic buildings that make up The Albert Estate and nearby Canada House in Manchester.
Sam Lawson Johnston said: “We are excited to transform this building into a contemporary workspace with top technology, character and a great culture, which will be fit for the many dynamic businesses basing themselves in Leeds.”
LJ Real Estate invests its own funds and that of entrepreneurs and wealthy families in real estate in key UK cities. It focuses on well-located commercial properties and manages a portfolio of 215,000 sq ft in the North West.
George Haddo added: “People and organisations thrive as part of a community – the opportunity to build a sense of place is at the centre of what we do when we buy and refurbish buildings.
“Renovating historic properties also means that the city’s heritage lives on for future generations, and businesses are part of a much longer and more engaging story.”
Eamon Fox, head of office agency at Knight Frank Leeds, who advised LJ Real Estate, said: “We have been collaborating with George and Sam for over three years to find the correct property in Leeds to purchase.
“We have a great level of ambition for the asset as we look to transform this well-positioned building into an exciting workplace at the forefront of the Leeds market.”