Commercial Finance
Investec lends £5.1m to finance Leeds co-working venture
Guest Author:
Max LiuInvestec 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.
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“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.”