Electric Press: Grade II-listed Revolution Bars building in Leeds Millennium Square for sale at £10.1 million

Stockford Anderson, on behalf of DTZ Investors, has brought the historic building to the market at an asking price of £10.1 million, reflecting 10.22 per cent initial yield.

The 54,387 sq ft (GIA) leisure and office investment is located within Leeds' Civic Quarter, overlooking Millennium Square, and is home to leisure occupiers including Revolution Bars, Be at One and Tavernaki Bistro.

The Electric Press building is on long leasehold from Leeds City Council, with an unexpired term of 228 years at a rent of £1pa and the investment provides a total rental income of £1,101,961 pa.

James Welch, Partner at Stockford Anderson, said: “Leeds is renowned for its lively and vibrant leisure scene and a city centre that is well connected with many destinations within walking distance, attracting both locals and a significant number of tourists.

“The Leeds office market has experienced significant growth in the last couple of years, with take up and rents increasing, with the education sector playing an important part in this activity. The purchase of The Electric Press represents an excellent opportunity to participate in this growth, at an attractive yield.”

The grade II-listed property was substantially refurbished and reimagined in 2000 by Asda St James incorporating the Carriageworks theatre, which opened in 2005.

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More recently, a comprehensive refurbishment of the offices was undertaken to provide 16,405 sq ft of Grade A space.

Offices at the site have been let to The Institute of Contemporary Music Performance, an independent provider of higher education with courses covered including popular music, film production, game design and content creation. Past students include Clean Bandit, The Vaccines, Cathy Dennis and Fraser T Smith.