Glenbrook Investments has expanded its portfolio into Yorkshire with the acquisition of the freehold interest in Albion Court, Leeds for £6.7m, reflecting a net initial yield of 8.1%. NorthCap advised Glenbrook Investments on the acquisition.
Albion Court, which is part-Grade II Listed and extends to 31,400 sq ft, provides a mix of leisure, retail and office accommodation over five storeys. The property sits at the busy junction of Albion Place and Lands Lane in Leeds City Centre, overlooking the popular pedestrianised courtyard to the north of Trinity Shopping Centre.
Originally named the Leeds Church Institute, Albion Court was completed in 1868 and used for educational purposes, before being converted to commercial use and extended in 1980. Notably, the British Deaf Institute was founded within the building in 1890.
Current ground floor tenants include Pizza Express, Byron Burger and Card Factory, while the upper floors are let as a serviced office to Bracken Workspace.
Scott Griffiths, Director, Investment Management at Glenbrook, commented: “This opportunity fits with our strategy of acquiring good quality assets let off low rents, where fundamentals support the prospects for an asset management-led recovery. We were particularly attracted by the proximity to significant tenant amenity and Leeds’ major transport hubs, plus the architectural features of the building make it instantly recognisable.”
Luke Symonds of NorthCap commented: “Albion Court is a high-quality property offering well-located occupational space in a core regional city centre. The income mix is diverse and robust and the building has genuine destination appeal.”
Brabners, Silverstone Building Consultancy and LSH respectively provided legal, building and occupational advice to Glenbrook Investments.