A joint venture between funds managed by Europa Capital and Addington Capital has sold the Elbow Rooms, 64-68 Call Lane, Leeds for circa €4.7m (£4m). The building, which was once one of Leeds’s most popular nightclubs, has been sold to the private investment vehicle of a high-net-worth investor.
The joint venture partners acquired the 24,000ft² property out of receivership in 2016 and Addington has since been asset managing the property. It obtained consent for a change of use to offices and refurbished the second and third floors whilst retaining the locally well-known Elbow Rooms branding.
The basement, ground floor, and first floor are now let to Revolution de Cuba, the popular Cuban tapas cocktail bar. The third floor (4,500ft²) is fully let to Parallax, a fast-growing digital agency headquartered in Leeds. Last year North Property Group took 2,100ft² of office space on the 2nd floor on 5-year lease at €29.3m (£25) per ft². A remaining 2,100ft² of space is still available to let via agents Carter Towler.
Matthew Allen, Principal at Addington Capital said: ”Once stripped back, the characterful upper floors at the Elbow Rooms has enabled us to design and deliver much-in-demand creative and modern office accommodation in the lively heart of the city. Leeds has a growing innovative and enterprising local economy, and we are delighted to have harnessed this demand to attract a vibrant array of tenants and now a buyer for the building.”
