London & Stamford Properties has sold a Leeds office development for £51.3 million to NFU Mutual Insurance.
The sale price represents a profit of 36 per cent for the office space and commercial property entrepreneurs, which had held the offices for just nine months.
NFU will inherit seven tenants, including Grant Thornton, Mellon Analytical Solutions and Corbett’s LLP, which share the 129,514 sq ft development.
The disposal and high purchase price have been driven by a lack of supply in the area for centrally located office space.
Execution Noble Analyst Michael Burt told the Reuter news agency: “Just when you thought that the listed sector had turned its back on disposals, London & Stamford has announced a significantly accretive disposal of one of its 2009 purchases.”
According to property consultancy CB Richard Ellis, £157 million worth of office space was let during the final quarter of 2009. The figure for the final period was boosted by the completion of the largest deal in the city for five years.
Tags: leeds