Paloma Real Estate Fund 1, advised by Paloma Capital, have bought The Bourse, a prestigious office and retail complex in Leeds city centre, for £8m, a yield of 9%.
The Bourse is a landmark building in Boar Lane less than 100 yards from Leeds Station and opposite the Trinity Quarter and comprises 50,000 sq ft of high quality office and retail space over three buildings, overlooking a central courtyard.
Its 20 tenants include multi-national office occupiers and retailers including William Hill, Evans Cycles, The Private Office, JLT, Robert Half and Allport Cargo Services and two convenience food operators.
Each of the buildings, Equity House, Sterling House and Bond House, has its own designated entrance with a multi-storey car park to the rear. Sterling House is fully let but there is currently 3,850 sq ft of high quality office space available in two suites in Bond House and Equity House.
Jack Pitman, founding Partner of Paloma Capital, said: “The building is in a great location in the commercial and retail heart of Leeds, half way between the entrance to the Trinity Quarter and the station. Behind the beautiful, listed façade is a well laid out, modern building that should benefit from the significant capital investment that we are planning to make.”
Paloma Capital were advised by the Leeds office of global property consultancy Knight Frank.
Opus North were advised by Cushman and Wakefield and Singer Vielle.