Paloma Real Estate Fund 1, advised by Paloma Capital, has bought The Bourse, the prestigious office and retail complex in Leeds city centre, for £8 million, a yield of nine per cent.
The vendor was Yorkshire property developer and investor Opus North.
The Bourse, pictured, is a landmark building in Boar Lane less than 100 yards from Leeds Station and opposite the Trinity Quarter and comprises 50,000 sq ft of high quality office and retail space over three buildings, overlooking a central courtyard.
Its 20 tenants include multi-national office occupiers and retailers including William Hill, Evans Cycles, The Private Office, JLT, Robert Half and Allport Cargo Services and two convenience food operators.
Each of the buildings, Equity House, Sterling House and Bond House, has its own designated entrance with a multi-storey car park to the rear. Sterling House is fully let but there is currently 3,850 sq ft of high quality office space available in two suites in Bond House and Equity House.
The Bourse has benefitted significantly from the completion on the opposite side of Boar Lane of the magnificent Land Securities scheme, Trinity Quarter, which has provided 1 million sq ft of Grade A retail space.
Jack Pitman, founding partner of Paloma Capital, said: “The building is in a great location in the commercial and retail heart of Leeds, half way between the entrance to the Trinity Quarter and the station. Behind the beautiful, listed façade is a well laid out, modern building that should benefit from the significant capital investment that we are planning to make.”
Andrew Duncan of Opus North said: “On a personal note, I have fond memories of The Bourse, having had offices there with my former firm of property consultants Grenville Smith & Duncan in the 1990s and we were also the original letting agents for the building.|”
Paloma Capital were advised by the Leeds office of global property consultancy Knight Frank.
Henrie Westlake of Knight Frank, speaking on behalf of Paloma, said: “The Bourse is situated in an excellent and improving location and Paloma will be looking to actively manage the building to further enhance the ‘tenant experience’.”
Opus North were advised by Cushman and Wakefield and Singer Vielle.