Developer linked with new plans to revamp former city centre nightclub
Leeds-based Rushbond is believed to be buying the former Majestyk nightclub, in City Square, Leeds, from Luminar Leisure.
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Hide AdGerald Eve, which is selling the building on behalf of the nightclub operator, received a number of offers to buy the building for a range of uses, including retail, a live music venue, lap dancing bar, nightclub,and cinema.
Rushbond would need to seek planning permission from Leeds City Council to revamp the site which has stood empty for the last four years.
The Grade II listed building, which was one of the country's largest cinemas when it was built in 1921, was put on the market in April after plans to turn it into a Las Vegas-style casino complex collapsed.
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Hide AdRushbond has been responsible for many successful historic refurbishment and regeneration schemes in the city including Civic Court, Elmete Hall, Waterside, Tower Court and Brewery Wharf.
A Leeds-based property agent said: "Majestyk is a really important building for that part of the city.
"Rushbond has always had a good relationship with Leeds City Council and they are good at working on listed buildings. It's nice to see someone being active in the market place."
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Hide AdBut those close to the deal remained tight-lipped about the purchase and what the building will be turned into.
Nicky Visick, from Gerald Eve, said: "We are in detailed negotiations with a particular party but we are unable to divulge any further details due to confidentiality."
Ambitious 14m plans by Luminar Leisure would have seen the disused building become a venue for gambling, cabaret and live entertainment.
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Hide AdBut the application was rejected by the city council. Leeds Crown Court turned down a subsequent appeal in January.
Luminar Leisure inherited the nightclub in 2001 when it took over from Northern Leisure. Jumping Jaks was in the basement, and the Majestyk nightclub on the ground, mezzanine and balcony levels.
The building was the city's largest nightclub, with a 3,310 capacity, and was a popular venue until it closed in 2006.
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Hide AdThe original building is constructed of "marmot" terracotta, an imitation marble, under steeply-pitched slate roofing with bull's eye dormer windows.
The curved entrance faade fronts City Square and the building is predominantly two storeys with basement and attics.
Internally, it is currently fitted out for nightclub use, but the building does retain much of its original internal structure and decoration, some of which has been hidden behind cladding, partitions and internal ceilings, according to the marketing brochure.
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Hide AdThe sale comes amid a flurry of recent deals in the Leeds property market, including BT's headquarters, on Sovereign Street, which were sold to Gatehouse, for 40m, earlier this month.
Meanwhile, Park Place in Leeds, a 39,000 sq ft building let to the Job Centre, has been sold by Prudential to property investment company Wichford, for about 7.5m.
The deal reflects a yield – the rent generated by a property expressed as a percentage of its valuation – of eight per cent.
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Hide AdJob Centre, which is the only tenant, has about eight years left on its lease.
RUSHBOND PORTFOLIO
While property development forms the core of Rushbond's activities, the company has a substantial investment portfolio which includes a number of completed schemes which have been developed and retained by the company.
Although the company has experience in the refurbishment and re-use of listed buildings, the majority of its current development programme is within new build projects in the office and residential sector.
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Hide AdRecent projects in Leeds include residential and office development Brewery Wharf; office park Airport West, which is located adjacent to Leeds Bradford International Airport; the former Becketts Arms in Meanwood, which has made way for a mixed-use building; city centre residential development Echo Central and office development EC3.