Paloma Buys Leeds The Bourse Office and Retail Complex
Paloma Real Estate Fund 1, advised by Paloma Capital, has bought The Bourse office and retail complex in Leeds city centre for £8m, a yield of 9%.
The vendor was Yorkshire property developer and investor Opus North.
The Bourse is a landmark building in Boar Lane around 100 yards from Leeds Station, opposite the Trinity Quarter and comprises 500,00 sq ft of offices and shops 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 3,850 sq ft of offices available in two suites in Bond House and Equity House.
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 added: “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 was advised by Knight Frank.
Henrie Westlake of Knight Frank, commenting 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 was advised by Cushman & Wakefield and Singer Vielle.