Farooq is a Partner in the Commercial Property team and specialises in all aspects of commercial…View Profile View all
Farooq Zar has advised property company YPP on its acquisition of a landmark Leeds office building for £9.3m.
Currently occupied by a national firm, Westgate Point Leeds has been sold to the Yorkshire based property company on behalf of a Middle East-based client for a price of £9.3m, reflecting a net initial yield of 8.9 per cent.
The property is prominently situated on an island site, towards the end of The Headrow at its intersection with Westgate, within the West End of Leeds City Centre. The eight-storey office building comprises 46,806 sq ft and is let in its entirety, with about four years unexpired lease term.
Farooq, from our commercial property team, said: "I am delighted to have advised YPP and its client on the purchase of such a high profile office building which offers fantastic opportunities for the future. YPP continue to go from strength to strength and it is a pleasure to work with them."
The acquisition of this landmark building represents a strategic deal for YPP and will provide solid income over the medium-term at an impressive yield, as well as offering a number of asset management options beyond the current lease.
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