A first time property developer has seen his £725,000 investment in a Grade II listed building pay its initial dividend with the letting of more than half of its newly created office space.
Yorkshire businessman, Andrew Clark, paid £325,000 for the historic Drying House — which features 18th century wooden beams salvaged from Royal Navy warships — in 2012. He then invested another £400,000 converting the Kirkstall Road, Leeds, property into nearly 8,000s q ft of high-quality office space.
“This has been my first foray into property development and has been a real challenge and a labour of love,” admitted Clark, who also owns Bedside Manor on the city’s Burley Road.
“The building has a rich history, as its name suggests, and it was desperately sad to see the pitiful state of disrepair into which it had fallen. It has taken two-and-a-half years of my life, but I am proud to say the building has now been restored to its former glory.”
Overlooking the River Aire, and once destined for demolition, the two-storey stone building was used for drying leather goods using steam produced from heating river water. “It was a hive of industry in its heyday and part of Leeds’s rich history,” Clark added. “It would have been a travesty if it had gone forever.”
Now, with the help of Knight Frank’s Leeds office, the top floor has been let Merison Retail UK, one of the largest independent suppliers of kitchen, table and outdoor products in Europe on a ten year lease. Interest is also high on the remaining 3,860 sq ft ground floor office.
“The internal ambience of this building is wonderful,” said Knight Frank partner, Eamon Fox. “Andrew has done a superb job, creating first-class open plan office space within an historic setting.”
Two miles from the centre of Leeds and with on-site parking for 25 vehicles, he added: “The letting to Merison, before the building was actually completed, underlines its quality, as does the current strong interest in the ground floor. It is tremendous to see a building with such history thriving again.”
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