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David Cowgill has advised on Mayfair Group Investment's acquisition of a historical Leeds city centre building.
9 East Parade, which dates back to 1840 is the latest addition to the group's portfolio. Victa Property, a recently launched sales and investment agency, announced the acquisition on behalf of the Leeds-based company.
David Cowgill, partner in our commercial property team, said: "The purchase of this landmark piece of real estate in the city centre represents a fabulous opportunity in the property market for Mayfair Group Investment and their expanding portfolio. They continue to go from strength to strength and it is a pleasure to work with them."
With its earliest recorded use as offices in 1872, the building has since been a karaoke venue, tapas restaurant and a bar and is now set for a new lease of life after several dormant years. Development work is set to commence in early 2020, with Mayfair Group Investment looking to deliver a mixed use scheme, featuring leisure space and either residential apartments on lower floors or service office scheme on the upper levels.
Rohin Dhand, chief executive of Mayfair Group Investment, added: "The acquisition of 9 East Parade represents another fantastic opportunity to further our foothold in the Leeds City Centre property market and add to our portfolio a beautiful listed building with huge potential. Our investment will bring this superb building in to sustainable use that fits with this part of the city.
"Leeds continues to excel in all aspects of the property market and 9 East Parade is just a stone's throw away from the vibrant Greek Street, major transport hubs and internationally recognised employers. 2019 was a fantastic year for Mayfair Investment Group and our sister companies, we have plans for even further growth in 2020."
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