A PROMINENT retail and office scheme in the centre of Leeds is getting a green makeover after it was acquired by a property fund manager in a deal worth over £4m.
Bridges Sustainable Property Fund, which is managed by fund manager Bridges Ventures, plans to refurbish Airedale House on Albion Street with a number of environmentally-friendly features, including solar panels on the roof to generate its own electricity in the communal areas.
The building is home to businesses including Slater Menswear and Co-op Travel.
Guy Bowden, acquisitions director at Bridges Ventures, said: “This opportunity gave us an example where we could add value over the short-to-medium term and it fits in with our sustainable criteria.”
Airedale House comprises 26,337 sq ft of retail space and 15,056 sq ft of offices. There are currently two floors of vacant office space as well as a vacant retail unit on the ground floor, previously occupied by Barclays.
The offices will be upgraded with features including intelligent lighting and more efficient air conditioning and heating systems. The first phase of refurbishment will cost around £400,000.
CBRE’s Leeds Capital Markets team acted for Bridges to acquire the property from Jones Lang LaSalle’s client, Helix Property Advisors who were advising Shay Property Investments.