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Leeds city centre development Lambert’s Yard up for sale

A prime Leeds city centre development has been put up for sale.

Lambert’s Yard, based at 162-165 Lower Briggate in Leeds city centre, is a recently developed investment opportunity which includes 19 apartments and three retail units. Watling Real Estate has been instructed to sell the freehold and long leasehold interests in the property, which is currently 97% occupied.

The centrepiece of the scheme is Lambert’s House, which has been developed around a Grade II Listed building believed to be one of the oldest in Leeds city centre. The 19 apartments have been redeveloped to retain original features such as exposed brickwork and wood beams, which are thought to date from the 17th Century.

The development also includes a communal residents’ lounge and co-working space, and at the rear of the courtyard are communal rooms used as a post room and cycle storage area. Watling said Lambert’s Yard generates gross income of around £470,000 a year, with residential units producing £347,000, and commercial accommodation £123,000.

Rob Cruikshank, associate director in Watling’s Leeds office, said: “Lambert’s Yard brings a unique approach to providing residential accommodation in the Leeds market. The scheme offers high quality accommodation around a private courtyard area that benefits from being at the heart of Leeds city centre. There is a growing movement for the development of residential schemes within the retail & leisure core of Leeds City Centre. The property’s occupancy rate speaks for itself, and there is clearly strong demand in the market for residential schemes in this locale.

“At present, we are seeking expressions of interest for the property and expect a strong level of interest, given the quality and positioning of the scheme. We believe it will be of interest to local, regional and national investors alike.”

Original artice – https://business-live.co.uk/all-about/yorkshire-humber

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