Stockford Anderson powers up The Electric Press for sale

Stockford Anderson, on behalf of DTZ Investors, has brought The Electric Press in Leeds to the market for sale at an asking price of £10.1 million, reflecting 10.22% initial yield.

The prime, 54,387 sq ft (GIA), city centre leisure and office investment is located within Leeds’ Civic Quarter, overlooking Millenium Square, and is home to leisure occupiers including Revolution Bars, Be at One and Tavernaki Bistro. The offices have been recently let to The Institute of Contemporary Music Performance, an independent provider of higher education with courses covered including popular music, film production, game design and content creation. Past students include Clean Bandit, The Vaccines, Cathy Dennis and Fraser T Smith.

The iconic, Grade II listed property was substantially refurbished and reimagined in 2000 by Asda St James incorporating a new theatre – The Carriageworks – which opened in 2005 More recently, a comprehensive refurbishment of the offices was undertaken to provide 16,405 sq ft of Grade A space.

The property is long leasehold, from Leeds City Council, with an unexpired term of 228 years at a rent of £1pa and the investment provides a total rental income of £1,101,961 pa.

The Electric Press is prominently located in Leeds city centre in the immediate vicinity of many of the city’s main cultural attractions. The adjacent Millennium Square provides is a major event space for the city hosting live music concerts, food markets and screening of major sporting event. Immediately to the North of The Electric Press, both Leeds Beckett and Leeds University have their main campuses with over 63,000 students enrolled.

James Welch, Partner at Stockford Anderson, says: “Leeds is renowned for its lively and vibrant leisure scene and a city centre that is well connected with many destinations within walking distance, attracting both locals and a significant number of tourists. The Leeds office market has experienced significant growth in the last couple of years, with take up and rents increasing, with the education sector playing an important part in this activity.  The purchase of The Electric Press represents an excellent opportunity to participate in this growth, at an attractive yield.”