Albion Court, a building in Leeds city centre, has successfully been acquired in a deal worth £9.7 million.
The property has been sold by Catalyst Capital, with whom Knight Frank acted on the behalf of, and was succesfully purchased by The Cordea Savills UK Income & Growth Fund.
This 30,762 sq ft building is currently let out to various retail companies which includes Byron, Pizza Express, Card Factory and Bracken, with a total renting figure of £651,691 per annum.
Since the acquisition took place, Savills now has the current role of managing agent at Albion Court.
Portfolio manager of Savills UK Income & Growth Fund, Jamie Pearson, said about the acquisition “This asset provides long dated income from established tenants in a core retail location, complementing the funds existing assets in consistently delivering an attractive distribution yield to investors”.
Mark Wilson, associate director of investment at Savills, was the one who advised the purchasers during the deal and sees good things from this acquisition, saying that “With popular high street chains in occupation and an average unexpired lease term of 13.5 years, it will generate a stable income for the fund”.
The building is situated at the junction of Albion Place and Lands Lane, which fronts onto one of the key retail paths within the centre.
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