A prime retail building in the heart of Leeds city centre’s main pedestrianised area, on the corner of Commercial Street and Trinity Street, has changed hands in a £2.5million deal.
The 6,500 sq ft building, which is spread across five storeys, has been sold by a major UK Fund Manager which was advised by Leeds property consultancy, GV&Co’s investment division.
The property has been acquired by a private investor and is let to Japanese and Asian-inspired restaurant and take-away chain, itsu. The purchase reflects a net initial yield of 3.38% rising to 6.77% in July 2023 following a fixed uplift in the rent.
Garry Howes, director of investment at GV&Co, said: “This is a landmark building on one of Leeds city centre’s busiest streets as well as being next to the northern entrance of Trinity Leeds, meaning thousands of people walk past it every day.
“It also benefits from a very popular tenant in itsu, a long lease until 2032, and a fixed uplift in the rental income. This made it a sought-after investment opportunity with a number of UK fund managers and private companies all expressing an interest.”
Set up by Julian Metcalfe, co-founder of famous sandwich retailer, Pret a Manger, and Clive Schlee, itsu first opened in Chelsea in 1997 and now has more than 70 stores across the UK that sell sushi, salads, rice and noodle bowls and gyozas.
Leeds based GV&Co is a leading property consultancy providing support during acquisitions, sales, lettings and investment transactions. Its services include industrial agency, building surveying and project management, investment, and lease advisory and asset management.