Yorkshire’s Tallest Building in Leeds Sells for £84.5million

January 25, 2021

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Article Summary

Leeds
  • Bridgewater Place in Leeds, currently Yorkshire’s tallest building, has been sold for a staggering £84.5million. The property investment company that now owns Bridgewater Place is M7 Real Estate.

  • Bridgewater Place boasts 234,000 sq ft of grade A office space in the centre of Leeds.

  • As well as the commercial space, there are also around 200 residential units available at Bridgewater Place. However, these are separately owned so don’t form part of the sale to M7 Real Estate.

Bridgewater Place in Leeds, currently Yorkshire’s tallest building, has been sold for a staggering £84.5million. The property investment company that now owns Bridgewater Place is M7 Real Estate. Moreover, at the beginning of 2021 they acquired the building ahead of a possible initial public offering on the Regulated Investment Exchange (ISPX).

Bridgewater Place is currently owned and managed by Marick Capital. Sale completion is subject to the successful raising of capital and listing. In what is likely to be the second company to submit its shares to the ISPX.

 

Prime office space

Bridgewater Place boasts 234,000 sq ft of grade A office space in the centre of Leeds. Situated opposite the planned HS2 station entrance, this property investment ensures companies based there are strategically connected to the rest of the UK.

Units are currently 92.6% let by occupiers such as EY and international law firms DWF and Eversheds. As well as the office space, which delivers 96% of income, seven ground floor retail units are also in use.

An 18,000 sq ft single office suite on the 9th floor of the building is still available.

 

A buoyant property market 

The sale of Bridgewater Place is just more proof of the buoyant and resilient Leeds property market. As well as increased activity from property investment companies in the city, Leeds has witnessed some of the highest sales and housing price growth in the country.

In a statement, M7 Real Estate said, “The Leeds office market continues to benefit from strong demand and low supply dynamics, with an average vacancy rate of 2.4% for Grade A office space and just over 300,000 sq ft of available space against an average take up of c. 600,000 sq ft per annum.

“Demand is driven by a robust economy, continued urbanisation and further decentralisation to the regions as well as ongoing planned infrastructure investment, including HS2.”

 

Residential units

As well as the commercial space, there are also around 200 residential units available at Bridgewater Place. However these are separately owned so don’t form part of the sale to M7 Real Estate.

Furthermore, there are plenty of other residential opportunities for those working at Bridgewater Place. One of the most exciting of these is The Phoenix, a new development currently in construction. Offered by North Property Group, it is just a short walk away from Bridgewater Place.

Offering a mix of one, two and three-bedroom apartments starting at just £142,500, The Phoenix is the perfect investment opportunity for buy-to-let landlords targeting professional tenants.

 

What is property investment?

Put simply, property investment is property purchased with the intention of generating financial returns for its buyer. These returns could be in the form of rental income through buy-to-let properties, house price growth through the future sale of the property or both. Property investments can be owned by individuals or organisations and can be short, long or medium term.

 

Find out more

If you’d like to buy a Leeds property investment or would just like to see which property investment opportunities are currently available, contact North Property Group now.

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Phoenix

From £362,450

   Gross Yield: 7%
   In Construction
   Est. Q3 2023
   Lease Length: 250 Years

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