Property Alliance Group has expanded its office portfolio making its first acquisitions in Leeds.
The Manchester-based developer and investor has purchased two properties spanning 64,278 sq ft for a total of £9.5m.
Sold by Aviva Investors, the buildings are 33 Park Place and 31 York Place, which share a central courtyard area and are situated in the heart of the city’s commercial district. The offices are 76% let to nine tenants, predominantly in the professional services and property sectors, including Mapeley, Allsop and Trillium Property.
Alex Russell, managing director of Alliance said: “We are actively seeking to expand our office portfolio outside of the North West. Leeds has seen significant development in recent years and has a thriving business environment, so is one of our key targets for further investment.
“These properties are in an ideal city centre location, close to the railway station and Trinity Shopping Centre and in a district which is home to many leading law firms, financial companies and property consultancies. With our asset management experience, we are confident that we can secure further lettings and look forward to building our presence in the city.”
Alliance and Aviva acted for themselves in the transaction. CBRE and JLL have been appointed as joint letting agents for both buildings.