APAM, acting on behalf of its client Britannia Invest A/S, has acquired 1 City Square property in Leeds for €35.6m (£32.3m). Developed in 1997, 1 City Square is a landmark office building is located directly opposite Leeds train station and at the gateway to Leeds CBD. The building totals 108,000ft² accommodation with typical floors of 10,000ft² capable of being sub-divided. The property is multi-let to seven tenants, including Deloitte which occupies over 50,000ft² until 2028. The building is currently 23%.
Patrick Freestone, Senior Investment Manager at APAM, commented: “1 City Square is, one of, if not the most, prestigious office addresses in Leeds. The building has been owned by Aviva since it was developed and will benefit from a new owner breathing fresh life into the building. The Leeds market is coming off the back of two very strong years of take-up and Grade A supply is at an all-time low. The recent Channel 4 announcement to establish its regional base in Leeds has been a further boost for the city’s office market.”
