LGIM Real Assets (Legal & General), represented by Savills, has sold Building 1200 on Thorpe Park Leeds to Due West Limited for £5.27 million. Legal & General has sold the building on behalf of its Managed Property Fund.
Fully let to Regus on a 25 year lease expiring in 2024, the property generates an annual income of £420,000. Building 1200 provides 27,028 sq ft (2,511 sq m) of office space set across two floors with a mixture of cellular office suites and meeting rooms. Thorpe Park Leeds is a flagship scheme for the Northern Powerhouse agenda and is currently undergoing significant development including a 1.3 million sq ft expansion.
Simon Lister, investment director at Savills Leeds, comments: “Building 1200 is a well located, good quality first generation office development which has benefitted from the recent development activity on the wider park, this allowed us to achieve a strong sale price for our client.”
Cushman & Wakefield represented Due West Limited.