Prime Leeds city centre site sold for £3.7m

A GRADE TWO listed retail site in the centre of Leeds has been bought for £3.7m.

Building, which is let to Pret A Manger and sits on the corner of Lands Lane and Albion Place in Leeds city centre, was bought by Alterity Investments, for £3.7m

The building, which is let to Pret A Manger and sits on the corner of Lands Lane and Albion Place, was bought by Alterity Investments, which is part of Northern Ireland property developers, Deramore Property Group.

It was bought from Hanro.

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The price reflected a net initial yield of 4.73 per cent.

The 5,611 sq ft prime retail property is let to Pret A Manger on a 10-year lease from March 2012 at a current rent of £185,000 a year.

The building comprises basement, ground and three upper floors.

Knight Frank and Gavin Black & Partners advised Hanro. Green & Partner advised Alterity Investments.