Private investor pays out £1.75m to seal deal for Olympia House

A PROMINENT office and laboratory building occupied by The Environment Agency has been sold for £1.75m.

Olympia House in Leeds has been acquired by a Yorkshire private investor from West Bromwich Building Society.

It was on the market for offers in the region of £2.3m

The 28,945 sq ft three-storey building is let to The Environment Agency until December 2019 and achieves a rental income of £255,000 a year.

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The government organisation has occupied Olympia House for more than 30 years, with staff carrying out environmental testing at the site.

Space is also let to the Secretary of State for Communities and Local Government and Rosemont Pharmaceuticals.

GVA acted as joint fixed charge receivers on the deal which achieved a yield of 13.77 per cent.

Ben Hall, investment director at GVA in Leeds, who led the deal, said: “GVA is delighted to have completed this transaction for a successful and prominent building in Gelderd Lane on the outskirts of Leeds city centre.

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“This deal again demonstrates that parties are prepared to commit to investment opportunities for the right kind of stock and it’s another indication that confidence is returning to the Yorkshire commercial property market.”

He added: “The Environment Agency has elected not to exercise an option to break its tenancy agreement in December this year which underlines the organisation’s continued strong commitment to Olympia House.”

Stephenson Day acted for the purchaser.

Gelderd Road is one of Leeds’ most established commercial locations, just 1.5 miles from the centre of Leeds and close to the motorways.

Nearby occupiers include Mercedes Benz, Screwfix, HSS Hire and Newey & Eyre.

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Leeds United Football Club’s Elland Road stadium is also situated nearby.

GVA is the UK’s largest independent commercial property consultant. It is headquartered in London and has 12 offices and 700 fee earners across the UK.

GVA generated a turnover of £120m in the year ending April 30 2013, up from £117m the previous year.