Land­mark of­fice block deal in city as The Pin­na­cle is sold for £65m

Yorkshire Post - Business - - FRONT PAGE - Greg Wright DEPUTY BUSI­NESS EDI­TOR @Greg­WrightYP

The tallest of­fice block in Leeds has been bought for around £65m.

A Brock­ton Cap­i­tal fund has ac­quired The Pin­na­cle, a 145,000 sq ft build­ing in Leeds city cen­tre. The Pin­na­cle is a mixed-use re­tail, of­fice and car park in­vest­ment, which is op­po­site the Land Se­cu­ri­ties-owned Trinity Leeds shop­ping cen­tre.

A spokesman said: “The as­set com­prises land­mark of­fice ac­com­mo­da­tion in Leeds’s tallest of­fice block; 15 re­tail units all boast­ing promi­nent dou­ble-frontage along Bond Street and Al­bion Street; and a 388-space, multi-storey car park leased to Q-Park.”

The yield on this deal, which is the largest in­vest­ment trans­ac­tion in Leeds so far this year, is 6.5 per cent.

The seller was the US pri­vate eq­uity giant Lone Star.

James Spencer, vice pres­i­dent at Brock­ton Cap­i­tal LLP, the Lon­don-based in­vest­ment ad­viser to the ac­quir­ing fund, said: “We are de­lighted to have agreed this ex­cit­ing ac­qui­si­tion, which fits with our strat­egy of in­vest­ing in sig­nif­i­cant and im­prov­ing des­ti­na­tions in ma­jor re­gional cities.

“Leeds has a vi­brant cul­ture; a young and grow­ing pop­u­la­tion; and a thriv­ing econ­omy, and its re­tail and of­fice sec­tors are pros­per­ing as a re­sult.”

Will Lund, in­vest­ment spe­cial­ist with global prop­erty con­sul­tancy Knight Frank, who ad­vised Brock­ton Cap­i­tal, com­mented: “This deal is a re­sound­ing en­dorse­ment of the cen­tral Leeds com­mer­cial prop­erty mar­ket and pro­vides a timely boost to the city’s in­creas­ingly strong econ­omy.” Ea­mon Fox, part­ner and head of Knight Frank’s of­fice agency team in Leeds, said: “This is tremen­dous news for Leeds.” CMS and Knight Frank ad­vised Brock­ton Cap­i­tal, DWF and Sav­ills ad­vised the seller.

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