A key Leeds city centre office building is on the market with a £26m price tag following a refurbishment that has made it "effectively a new build". 12 King Street is said to be one of the best office properties in the city, and agents Knight Frank and CBRE are now looking for buyers.
The fully let building is owned by Opus North and Fiera Real Estate UK. It is home to nine national and international companies including Lloyds Bank Plc, NM Rothschild & Sons Ltd, Azets and Endless.
Refurbished to a new standard
At just a stone's throw from Leeds Station, the property has been comprehensively redeveloped and taken back to its structural frame with a new 7th floor added. It now comprises 52,237 sqft of Grade A office accommodation with basement and 7 upper floors, along with private terraces on the 1st and 6th floors, with the 7th floor comprising a substantial communal 3,875 sqft wrap-around terrace.
Below the building there are 12 secure parking spaces, eight of which have EV charging points, along with a cycle and fitness spa with drying rooms and showers. The reception provides a business lounge for the use of the tenants.
Agents highlight prime opportunity
Graham Foxton, investment partner with Knight Frank in Leeds, commented: "This is a magnificent opportunity to acquire one of the very best office buildings in Leeds, with a host of premier occupiers in a prime location. The assets technology and green credentials rival the very best buildings in the country, including EV charging, low water usage, a Platinum WiredScore and energy efficient occupational management systems."
He added: "We haven’t seen activity in Leeds capital markets at the prime end for years, with the last transaction being Central Square in 2024."
Henry King, director at CBRE, added: "There has been very little in the way of new build prime space in Leeds and as a result, occupiers seeking best in class accommodation are facing an increasingly limited choice. Headline rents in Leeds have now reached £52.50 per sq ft with meaningful growth expected moving forwards. 12 King Street is extremely well positioned to capitalise with a number of upcoming lease events and a highly reversionary rental profile offering a fantastic opportunity to drive performance."
Owner confident in investment appeal
Chris Button, head of investment management at Fiera Real Estate, commented: "We are proud to bring 12 King Street to market, a landmark office investment that exemplifies the quality and sustainability standards increasingly sought by occupiers and investors alike. The building's prime location, strong tenant line-up and clear rental growth potential create a compelling investment proposition, while ongoing confidence in Leeds reinforces its appeal as one of the UK's leading regional office markets."
