The Pinnacle, Leeds city centre’s tallest office block, has been acquired for around £65m.
A Brockton Capital fund has purchased the 145,000 sq ft, mixed-use retail, office and car park asset, which is situated directly opposite the Land Securities-owned Trinity Leeds Shopping Centre.
The asset comprises office accommodation, 15 retail units all boasting double-frontage along Bond Street and Albion Street; and a 388-space, multi-storey car park leased to Q-Park.
The yield on this deal, the largest investment transaction in Leeds so far this year, is 6.5%.
James Spencer, vice president at Brockton Capital LLP, a London-based investment adviser to the acquiring fund, said:
“We are delighted to have agreed this exciting acquisition, which fits with our strategy of investing in significant and improving destinations in major regional cities. Leeds has a vibrant culture; a young and growing population; and a thriving economy, and its retail and office sectors are prospering as a result.