Former wool mill goes for above £2m and may be used for serviced offices

Park House on Park Square in Leeds, which is home to Pizza Express on the ground floor and a number of office tenants, was put up for sale in May at offers in excess of £2.2m.

The 18,000 sq ft building, which is located at the corner of Park Square West and St Paul’s Street, was sold to Stonebridge Projects, a joint venture between housebuilder Stonebridge Homes and developer Henry Boot.

Stonebridge Homes intends to move its Leeds office, including five staff, to the building from its current headquarters in Rawdon, a few miles outside the city.

Dave Sunter, development manager at Stonebridge Homes, said it planned to refurbish the building and is considering turning part of it into serviced offices.

“We were looking for some office space ourselves because we work out of services offices,” he said. “We stumbled across it by accident but we loved the building.”

Sanderson Weatherall, which acted for the vendor, Greater Manchester Pension Fund, said the building received “considerable interest” before it was sold.

Stonebridge will join property agent Ryden and AIM Legal Expenses who are also based in the building.

Park Square, an historic area dating back to the 18th century, owes its rich architecture to the wealthy merchants who chose to move out of the busy, dirty industrial centre into a greener neighbourhood.

Brewer Joshua Tetley and Louis Le Prince, the world famous cinematographer, are among some of the early residents who lived in the Park Estate as it was formerly known.

The area is now considered to be one of Leeds’ prime professional locations with a number of legal, accounting and property firms in the vicinity.

The building was owned by Greater Manchester Pension Fund for more than 25 years.

Richard Dunn, of Sanderson Weatherall, said: “This property is probably one of the best small investment opportunities to have become available in central Leeds this year.

“Its relatively quick sale is indicative of this.”

Jeff Robertson, of Dresler Smith, which acted for Stonebridge Projects, added: “It’s an excellent opportunity to buy a landmark building in a prime location.”