Commercial Property News

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Thursday, January 24, 2024

Highcross buys Cloth Hall Court in Leeds financial district

Highcross has acquired Building A, Cloth Hall Court, a prime office development in the centre of Leeds, from Princeton Investments Ltd. The 64,000 sq ft office building was acquired in a 18.75 million off-market deal.

Highcross is now planning a 10 million extension and redevelopment programme. The work will include the addition of two completely new upper floors, a rear extension at all levels and re-aligned reception area on the ground floor. When complete, the property will offer 90,000 sq ft of Grade A specification office space.

The property, which is currently vacant, is in the heart of the city's legal and financial district, adjacent to Leeds City Square. Located within two minutes walk of the main railway station, it has frontages to both Quebec and King Street, which form part of the city's Transport Loop road system. Cloth Hall Court is also within five minutes walk of the main retail area.

Andrew Osborne of Highcross comments: "The property's excellent location and existing planning consent for expansion, offered an exciting opportunity to significantly enhance its asset value and rental prospects. Once complete, the high quality refurbishment will make it a very attractive solution for companies seeking prime office space in the heart of the city centre."

Guy Cooke of Knight Frank, which advised Highcross on the deal, commented: "The redevelopment of Building A will create fantastic office accommodation in almost an unrivalled commercial location. The new additions and specification proposed by Highcross is exactly what the Leeds market requires and its delivery in early 2009 will coincide with a lack of grade A stock, especially in the prime office core"

Princeton Investments Ltd were advised by GSD in the transaction.