Property investor snaps up Leeds city centre jewellery store in £1.7m deal

The price reflected a net initial yield – the rent generated by a property expressed as a percentage of its valuation – of about 8.8 per cent.

The property, which is let to Watches of Switzerland and trades under its Goldsmiths brand, is let on a lease expiring 2030 at a rent of £162,500 per annum. The lease was regeared in 2020, during the height of the pandemic, when the rent was also significantly rebased.

The deal follows Glenbrook’s acquisition of Albion Court in Leeds, which is part-grade II listed and provides a mix of leisure, retail and office accommodation over five storeys.

The 31,400 sq ft Victorian former Church of England Institute sits on the corner of Albion Place and Lands Lane

Ground floor tenants include Pizza Express, Byron Burger and Card Factory, while the upper floors are let as a serviced office to Bracken Workspace.

Scott Griffiths, investment director at Glenbrook, said: “This is our second investment in Leeds city centre following the £6.7m purchase and £1m refurbishment of Albion Court, now renamed as St Albion’s.

"It underscores the belief we have in Leeds’ post pandemic recovery and longer-term growth potential.

"In particular, we like Commercial Street because of its concentration of jewellers and high-end watch brands; retailers that traditionally like to trade alongside one another and are less impacted by online shopping.

"Recent letting activity on the pitch means that there is no availability and we like these situations, as they generally provide superior income durability and opportunities for growth.”

Neighbouring occupiers to Goldsmiths include Chisholm Hunter, Austen Blake, Beaverbrooks and Boodles.

New entrants to Commercial Street include IWC, Mont Blanc, Jaeger Le-Coultre, Panerai and Breitling, as well as a new Ernest Jones facia taking the old Clarks store.

Zameero and CMS acted for Glenbrook Investments and Acuitus and Eversheds Sutherland acted for L&G.