Gatehouse Bank concludes sale of BT’s headquarters in Leeds

Gatehouse Bank, represented by Savills, has successfully concluded the sale of One Sovereign Street in Leeds to Artmax.
Gatehouse Bank, represented by Savills, has successfully concluded the sale of One Sovereign Street in Leeds to Artmax.
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Telecoms group BT’s regional headquarters in Leeds has been sold, in a further sign that the city’s commercial property market remains buoyant.

Gatehouse Bank, represented by Savills, has successfully concluded the sale of One Sovereign Street in Leeds to Artmax on behalf of investors for an undisclosed sum.

The 139,079 sq ft (12,920 sq m) Grade A office is fully let to BT. The property was built in 2002 and is arranged over ground and six upper floors, with an open plan office design around a feature atrium.

The building is a short walk from Leeds railway station and nearby occupiers include KPMG, Direct Line Group, Addleshaw Goddard, Eversheds and Asda.

Mark Wilson, investment director at Savills, said: “We are pleased to have secured the sale of One Sovereign Street for Gatehouse Bank.

He added: “The Leeds investment market continues to go from strength to strength this year with big ticket sales such as this one leading us to believe office investment transaction volumes will be above £400 million in 2018.”

Paul Stockwell, the CCO of Gatehouse Bank, said: “Gatehouse Bank has established a track record of sourcing and advising on UK real estate investments and we are delighted to have completed the successful exit of the investment in One Sovereign Street.”

Mr Stockwell added: “Our Real Estate Investment Advisory’s expertise has delivered strong returns for investors, who continue to view UK commercial real estate as a favourable investment asset class.”

Growing numbers of investors are targeting the commercial property market in the North of England.