Shanghai-based investor Charlie Qian has purchased 20:20 House, a block of 189 tenanted apartments in Skinner Lane, Leeds for an undisclosed eight figure sum.
Comprising 63 studios, 76 one bedroom and 50 two bedroom flats together with 60 car parking spaces, the properties were bought out of administration by the Chinese businessman.
The Leeds office of hlw Keeble Hawson, one of Yorkshire’s largest law firms, which also has offices in Sheffield and Doncaster, represented the buyer in the transaction.
Partner, Richard Larking, said:
“This deal is further evidence that Leeds is attractive to foreign investors – particularly as the London market overheats. The apartments, which are in an area popular with young professionals, are 99 percent let and represent an extremely good investment.”
Geoff Thomas, corporate finance director at Brown Butler Chartered Accountants, Leeds, helped to broker the deal. He said:
“The purchaser plumped for Leeds after also considering property in Manchester. With the Arena and new shopping quarters such as Trinity and Victoria Gate, Leeds is attractive to investors looking for higher yield opportunities.
“These apartments have been well run by administrators KPMG and are in in a location earmarked for further improvements over the next few years.”
The sale of the Skinner Lane apartments was handled by the Leeds office of property agents Jones Lang LaSalle.