Bank takes over city centre landmark as development goes into receivership

West Riding House, which is home to 11 retailers, has been taken over by Anglo Irish Bank Corporation after the owner, a Luxembourg-based private co-investment company, defaulted on its mortgage agreement.

The bank has appointed Andrew Rodger and Roger Phillips, from property consultant GVA Grimley, as Law of Property Act (LPA) receivers.

The 1960s retail and office development, which incorporates Next, Tesco Metro, Moss Bros and Superdrug, fronts on to Bond Street and Albion Street, two of the city's prime retail areas.

The development incorporates 150,000 sq ft of retail space, including a number of empty shops. The 15-storey office tower, once the city's tallest office building, has six vacant floors. There is a car park with underground parking for 47 spaces and a 466 space multi-storey car park.

GVA Grimley plans to let the remaining vacant space before selling on the building to the highest bidder. The building was last sold in 2005 for 70m.

Andrew Rodger, director at GVA Grimley's Leeds office, said: "This is the largest LPA appointment any firm has handled in Leeds during the recession

"Behind GVA Grimley's successful appointment is the fact that our multi-discipline team, including office and retail agency, property management and the corporate recovery divisions will all collaborate to asset manage the property in the coming months.

"This will allow us, as receivers, to strategically review the options and it is likely we will invite potential interested parties to step forward with their bids in due course. At the current time, it is business as usual for retailers, tenants and customers of West Riding House."