Government-let headquarters in Leeds comes to market at £16.4 million

31 May 2017

Warwick Capital Partners, represented by international real estate advisor Savills, has brought to market Castle House in Leeds with a quoting price in excess of £16.4 million, reflecting a net initial yield of 8.25%. 

The landmark building is let to The Secretary of State for the Environment and occupied by HMRC at a passing rent of £1.44 million, on a lease with circa 6.75 years unexpired.  The property offers 78,298 sq ft (7,274 sq m) of office accommodation across ground and 13 upper floors.

Located on Lisbon Street in the West End area of Leeds, an extension of the city’s CBD, Castle House is adjacent to the West One development and opposite Wellington Place.  The West End has attracted numerous high profile occupiers including PwC, Squire Patton Boggs, RSM Tenon and Equifax. 

Simon Lister, investment director at Savills Leeds, comments: "Castle House is let to a rock solid tenant off a very attractive passing rent, which benefits from an RPI uplift next year.  The property’s strategic location and regular configuration also offer potential for medium term conversion to residential, student accommodation or hotel use, subject to necessary consents, making it a very desirable investment opportunity.”


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