Brockton and ARA Dunedin to sell £62m Leeds Pinnacle
Brockton Capital and ARA Dunedin have launched the sale of The Pinnacle, in Leeds, for £62m.
The pair have appointed Knight Frank to market the 147,000 sq ft mixed-use property, which sits on a 1.5 acre freehold site. The price tag reflects a yield of 7%.
The Pinnacle, which sits between the city’s prime business and retail districts, has a WAULT in excess of 10 years with 36% of total income secured against reversionary offices, 26% against leisure uses, 21% against the long-let car park and 17% against retail, which is anchored by a Tesco food store.
Brockton Capital and ARA Dunedin have launched the sale of The Pinnacle, in Leeds, for £62m.
The pair have appointed Knight Frank to market the 147,000 sq ft mixed-use property, which sits on a 1.5 acre freehold site. The price tag reflects a yield of 7%.
The Pinnacle, which sits between the city’s prime business and retail districts, has a WAULT in excess of 10 years with 36% of total income secured against reversionary offices, 26% against leisure uses, 21% against the long-let car park and 17% against retail, which is anchored by a Tesco food store.
The property is 90% leased to occupiers including Randstad, Adecco, Q-Park and McDonald’s.
Adam Isaacs, principal at Brockton, said: “Following a significant capex enhancement programme, including a repositioning of the offices, the building has attracted leading global businesses which has further strengthened the quality of the income profile, and the asset is now primed for the next phase of growth under new ownership.”
Freddie Owen, capital markets partner at Knight Frank, said: “The office market in Leeds is at a critical supply-demand imbalance, and the headline rents at The Pinnacle make the office accommodation highly reversionary, while remaining at a significant discount to peak rental tones in the city.
“The vendor has leased over 10,000 sq ft of space during Q2 2021, with record rents achieved three times in this period. We are excited to see what the next phase brings for this building.”
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