LAWFUEL – The Law News Network – UK law firm McGrigors has completed the £38 million acquisition of an 8,857 square metre office in Leeds’ financial district, known as Lateral, on behalf of Oregan Financial.
The building has been pre-let to the Office of the Deputy Prime Minister on a 15 year lease, until September 2021. It will be used jointly by The Government Office for Yorkshire and The Humber, the Highways Agency and the Government News Network.
It is situated next to a 300 bedroom hotel in an area of the city where significant development is expected in the short-term, including the pending development of 700 residential units.
The McGrigors team comprised Rory Macpherson and Claire Bowman in real estate, Mark Jenkinson in banking and Michael Allan in construction and was led by real estate director, Stephen Sumpton. Walker Morris Leeds acted for the seller, HBG Sweet Street Limited.
Joe O’Regan of Oregan said the company was delighted to have secured the building in the face of heavy competition for prime sites in Leeds.
Stephen Sumpton, director in of McGrigors London real estate team said:
“This was a great project to have worked on in a city which is experiencing a surging property market. It is further evidence of our real estate team’s strength and depth in working on UK wide projects.”