A PROPERTY near the centre of Leeds has been acquired for £3.3m, reflecting a net initial yield of 8.6 per cent.
St Martin’s House, Wellington Street, occupies a prominent position in the heart of Leeds’ West End. Sitting on the corner of Wellington Street and Britannia Street, it lies directly opposite the new Central Square development, which is considered to be one of Leeds’ premier office locations.
It has been acquired by Wilton Developments, acting on behalf of Wellington Street Ltd.
St Martin’s House provides about 18,000 sq ft of office space over six storeys, with additional basement parking.
The building is let in its entirety to Lyons Davidson Ltd on a lease which has a further 15 years and generates a rental income of £300,000 per annum.
Jason Stowe, from Wilton Developments, said: “We have actively been seeking new assets and the Central Square development makes this prime city centre office location an even more attractive investment.
“The deal was secured on the basis of a further 15-year lease of the entire building to a tenant with a strong covenant.”
Ben Hall, from GVA, who brokered the deal on Wilton’s behalf, said: “We are delighted to have acted for Wellington Street Ltd in this prime Leeds office acquisition.”