1980s office block sold for development

A CITY centre office block built in the 1980s has been bought by a property company hoping to develop it into a 21st century building.

Investment and asset management firm Ripley Capital bought Prince William House, in Queen Street, Leeds, for a seven-figure sum from administrators acting for Barwood Developments, which previously owned the building.

The 26,000 sq ft office block, which is now vacant, was occupied by Irwin Mitchell until it moved to Number 2 Wellington Place in 2008.

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Harrogate-based Ripley Capital plans to spend 3m on redeveloping the building, which it hopes will be ready for occupation by spring 2012.

Director Nik Dockree said: "There is quite a limited supply of decent buildings in the traditional central business district around Wellington Street, Ring Road, Headrow and Park Row."

He added: "We are already talking to a number of occupiers."

Barwood, based in Birmingham, had previously planned to demolish Prince William House and replace it with a seven-storey office block.

GVA Grimley acted for administrators Ernst and Young in the deal.

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