Orchard Street Investment Management has completed the acquisition of 115-126 Briggate in the northern UK city of Leeds in an off-market transaction for £38 mln (€47 mln).
Orchard Street Investment Management has completed the acquisition of 115-126 Briggate in the northern UK city of Leeds in an off-market transaction for £38 mln (€47 mln).
The acquisition, which Orchard Street made on behalf of St James’s Place UK, reflects a net initial yield of 5.58%.
The property is let in its entirety to Debenhams Retail on a 35-year lease with an unexpired term of 19 years.
It comprises a department store with a gross internal area of 10,400 m2 set out over six floors, which produces a current passing rent of £2.2 mln per annum, subject to upward-only rent reviews every five years.
Tom Chadwick at Orchard Street said: 'This prime property is situated in one of the most sought-after locations in Leeds and is at the centre of an established shopping hub which should strengthen as the retail offering continues to improve.'