Investec lends £5.1m to finance Leeds co-working venture

by: Max Liu
  • 26/02/2019
  • 0
Investec Structured Property Finance has provided RBH Properties with a £5.1m loan to refinance acquisition and refurbishment costs following the conversion of 10-12 East Parade in Leeds.

 

The entire 35,000 square foot Grade II-listed property (pictured) has been fully let on a 25-year full repairing and insuring (FRI) lease to Avenue HQ.

It offers a combination of co-working space, private offices, meeting rooms, studios and event space. RBH Properties acquired a majority share in Avenue HQ in 2017.

Erin Clarke, at Investec Structured Property Finance, said: “RBH Properties is an established and dynamic real estate business with whom we are pleased to be working on this project and supporting its exciting growth plans.

“Having secured a 25-year lease with Avenue HQ, who already have a successful track record in Liverpool, this prestigious building will help meet the demand for modern office space in Leeds.

“Flexible working is here to stay and its evolution has been one of the driving factors of recent positive office sector performance across the country.”

 

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