Castle House has 14 floors and is currently let to the Secretary of State for the Environment for the next five and a half years. It is home to the HMRC Revenue and Customs offices.
Big names sign up to Wellington Place development in LeedsIt has now changed hands from Warwick Capital Partners LLP to Bridges House Property Alternatives Fund IV for £14.5million.
Castle House is close to Wellington Place, which is the site of a planned new government office hub.
Is this the most radical office development in Leeds for a decade?Simon Lister, investment director at Savills Leeds, who oversaw the sale, said:
“We are delighted to have secured a sale of Castle House on behalf of our clients. Investment levels into Leeds offices have been very strong in the first half of the year, with a total of £175 million spent. We anticipate that this will be a record year for office investment in Leeds as investors seek enhanced returns underpinned by rental growth and the demand/supply dynamic within the city.”
The new owners typically invest in regeneration areas and niche sectors, and have also been involved in the refurbishment of 6EP on East Parade.