YORKSHIRE BANK'S headquarters in Leeds have been sold for £16m.
CBRE Global Investors represented by property advisors Savills made the deal, reflecting a net initial yield of 7%.
A private Spanish investor has acquired the property, which offers 76,344 sq ft of office space across five floors and has been let to the bank since it was built in 1980.
The annual rental income is £1.19m, with circa nine years unexpired on the current lease.
Located at Twenty Merrion Way, the building is adjacent to the First Direct Arena and Merrion House.
The latter is being redeveloped as a 170,000 sq ft headquarters for occupation by Leeds City Council.
Simon Lister, investment director at Savills, said: "This asset combines a secure income with excellent development prospects and an integral position in a booming area of Leeds city centre. We received significant interest from both overseas and domestic investors, and are very pleased with the strong sale price achieved."
COMMERCIAL property developer Bruntwood has unveiled design plans for City House, next to Leeds railway station.
Work has already started on the former British Railways offices and the 120,000 sq ft, 12-storey building is due to be completed by May 2017.
PLANS have been drawn up for the final phase of the Granary Wharf development.
Urban development firm CTP have partnered with regeneration company U+I for the housing-led £50m scheme in the heart of Holbeck Urban Village.
A PREMIER INN hotel is to be built in the growing business district in Leeds' West End. Town Centre Securities, the Leeds-based developer, has agreed a 25-year lease with the leisure group to create a 136-bedroom hotel at its Whitehall Riverside scheme.
OFFICE take-up in Leeds has soared according to Leeds Office Agents' Forum.
680,100 sq ft of office space was involved in transactions in 2015, up 25% on the year before.
This is the second highest year on record according to the Forum, surpassed only by activity in 2013.
CONSTRUCTION firm BAM Properties has been given the green light for Latitude Yellow, a £70m office development
When completed, the ten-storey building will have 157,000 sq ft of office space, on Wellington Road in west Leeds.
TWO major developments in Leeds totalling £180m have marked major steps forward.
Roydhouse Properties and Marrico's £100m Central Square speculative offices, designed by DLA Design and the first in Leeds for eight years, has entered the final stages.
THE regeneration of Leeds' South Bank has received its second boost in a matter of days after developers Carillion announced it has signed the contract to deliver the £80m Tower Works scheme.
THE Tetley Brewery site has been bought by an international property developer with plans to create a large-scale mixed use scheme.
BANK HOUSE in Leeds has been sold for £10m in the latest major property deal in the city.Palace Capital, which specialises in property investments outside London, has exchanged contracts to buy Bank House, on King Street, from a major pension fund for £10m cash.
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