Leeds witnesses a landmark property transaction as the Central Square building sells for £78 million.
- Ashtrom Properties UK’s purchase of Central Square marks the city’s largest office deal since 2017.
- The 217,249 sq ft office space is complemented by 13,126 sq ft for retail and leisure.
- Prominent tenants include Marks & Spencer, PwC, and Sky, broadening the professional community.
- Ashtrom’s strategic investment aligns with regional market growth potential.
A monumental event in the Leeds property market has emerged with the sale of the Central Square building for an impressive £78 million. This transaction, executed by Ashtrom Properties UK, signifies the most extensive office acquisition the city has seen in over five years, highlighting a robust confidence in the regional office market.
The Central Square, located in Leeds’ financial hub, comprises 217,249 square feet of dedicated office space and 13,126 square feet assigned to retail, restaurant, and leisure units. This strategic combination of spaces caters to a wide array of business functions, enhancing the building’s appeal as a prime asset in the area.
Key tenants, such as Marks & Spencer, PricewaterhouseCoopers, and Sky, demonstrate the building’s significance within the business community. The tenancy roster is further strengthened by the presence of RSM UK Management, Freeths, GXO Logistics, Sanderson Weatherall, and BDO Services. This diverse tenant mix not only underscores Central Square’s stature but also enriches the professional fabric of Leeds.
Guy Lewinsohn, CEO of Ashtrom Properties UK, conveyed his company’s dedication to investing in the UK’s regional markets, citing substantial prospects for sustainable growth and value. “We remain committed to strategically investing in the UK’s regional markets, confident they offer substantial opportunities for sustainable growth and long-term value creation,” he stated.
The acquisition process, facilitated by professional collaboration, was efficiently managed with the involvement of CBRE and Knight Frank on behalf of Ashtrom Properties UK, and Savills representing the vendor. Will Kennon, executive director at CBRE, lauded the acquisition, citing the acute shortage of prime office space, which is expected to spur continued rental growth.
Henrie Westlake from Knight Frank supported this view, describing the transaction as aligned with Ashtrom’s strategic decision to invest selectively in the UK office market. He emphasized the strength of underlying market fundamentals poised to drive rental growth, marking the deal as a significant indicator of market trajectory.
The sale of Central Square not only reflects confidence in Leeds’ economic growth but also reinforces its status as a burgeoning commercial hub.
