Converted mill sold for £6.05m

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A converted mill building has been acquired for £6.05m, as more investors consider taking stakes in the Yorkshire property market.

Acting on behalf of IM Properties, CBRE’s Leeds capital markets team has sold Vanguard House to LaSalle Investment Management.

Vanguard House is a former mill building in Dewsbury Road, Leeds, which was refurbished in 2001 to provide offices.

The building is fully let to IT services and software company Civica UK, which has 200 staff based in the building. CBRE’s office agency team recently agreed a new long term lease to Civica which stretches until 2033.

Alex Whiting, the senior director of capital markets at CBRE Leeds, said: “IM Properties have owned the property for a number of years and it has performed well for them. Improving market conditions and completion of the new lease prompted the sale, which generated a large amount of interest from both UK and overseas investors”

Greg Davison, a director at DTZ in Leeds, said: “Vanguard House provided a rare opportunity to acquire a well located quality office investment let to a strong tenant until 2033.

“The strong Leeds occupational market means that the property should enjoy healthy future rental growth”

DTZ represented LaSalle Investment Management in connection with this deal.

Last week, one of Yorkshire’s best known office buildings was bought by a German investor for more than £10m. Acting on behalf of Aberdeen Asset Management, CBRE’s Leeds capital markets and office agency teams sold No 1 The Embankment on Neville Street, Leeds, to Patrizia on behalf of one of its German investors. The deal has been hailed as a sign that Yorkshire is back on overseas investors’ radar, after the region’s profile was raised by the success of last year’s Grand Depart of the Tour de France.