A striking city centre office building which dates back to the 19th Century has been sold for £23.7m in an off-market deal.
Property firm Epic UK bought St Paul’s House in Leeds from Boultbee Brooks Real Estate (BBRE), which acquired the building two years ago for £11.7m.
The grade two listed building, which overlooks Park Square, had recently undergone renovation work to restore it to its former glory. The deal showed a net initial yield of six per cent.
Graham Foxton, investment partner with Knight Frank, who advised on the deal, said: “St Paul’s House is arguably the most striking building in the city centre and now its refurbishment is complete, it is a tremendous mixture of the old and the new.”
St Paul’s House was built in 1878 as a warehouse and cloth-cutting works for Sir John Barran, the founder of the mass-production, ready-made clothing industry in Leeds.
Mr Foxton added: “This is a very romantic story as it is an important chapter in this building’s proud history.”
Today its tenants include Cushman Wakefield, DAC Beachcroft and Quality Care Commission.
Michael Elghanayan, of EPIC UK, said: “Following its extensive and sensitive refurbishment, we believe St Paul’s House is a very attractive investment, given its superb location, excellent facilities, including parking, and impressive occupiers.”
James Whitcher, at BBRE, added: “The disposal to EPIC has allowed us to achieve a very attractive return on our investment that was not only ahead of business plan but also fully justifies the speculative costs we incurred in the comprehensive refurbishment of the property.”
The ground floor and the third floor are currently available to let.