Developer Opus North has acquired the former headquarters of a Yorkshire law firm off a guide price of £12m.
The company bought King’s Court in Leeds city centre, which used to be home to Walker Morris before it moved to new offices.
The 50,000 sq ft building was constructed in 1989, spanning over seven floors. There is also an on-site car park with 26 spaces.
Subject to planning, Opus North and its funding partner Fiera Real Estate plan to refurbish the building with the potential for a change of use. It will be ready for occupation in the summer of 2021.
Andrew Duncan, director of Opus North, said: “Occupier demands are changing. Businesses want more choice in their workspace and more services and amenities for their staff. This trend is already disrupting the market in Leeds but is also opening up new opportunities to add value for us, which we will apply at Kings Court.”
Eamon Fox, partner at the Leeds office of Knight Frank, said: “People want more than just a good job and working environment. The lifestyle a particular city can offer is becoming a key component for a business in attracting and retaining staff, which is where Leeds is winning over other UK Cities.
“We see now that businesses must consider the housing costs, quality, lifestyles and commutes of their staff if they are to understand what motivates them to relocate to or from a city or job.
“The quality and location of a building is a large part of the story, Kings Court will allow our future occupiers access to an extensive talent pool, with services, design, amenities and astute leasing models at the forefront of our proposition.”
Paul Fox, director at Fox Lloyd Jones, added: “This is one of the most significant office deals in Leeds during the past 12 months and we are very thrilled to be part of the team. Kings Court is a striking landmark building in the heart of the city’s professional core.”
Law firm Shulmans acted on behalf of Opus North.