Moorfields poised for major Leeds deal
Another large property transaction today following a loan default – this time in Leeds, where West Riding House, a landmark offices and retail building, is understood by Property Week to have been put under offer by Moorfield for £48m.
The tower, which houses retailers such as Tesco and Next in its 64,000 sq ft of retail premises and also has 140,000 sq ft of office space, was put on the market in October by Anglo Irish Bank, when its owner – a Luxembourg-based investment company – defaulted on the loan that it had used to buy the building at the height of the market in 2005. Two LPA (Law of Property Act) receivers at GVA Grimley were appointed in April. Property Week says Moorfield has beaten Brockton Capital and one other bidder with its offer, which represents a net initial yield of 8.1%.
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