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Leeds

Sale of Trevelyan Square in Leeds takes top prize at 2009 Insider Awards

Jones Lang LaSalle advises on commercial property deal of the year in Yorkshire


Leeds, 8th October 2009 - Jones Lang LaSalle's sale of No. 1 Trevelyan Square in Leeds took the top prize of Commercial Property Deal of the Year at Yorkshire Business Insider’s Property Industry Awards 2009, held last night at the Royal Armouries in Leeds.

The £17.75m sale price of the multi-let office building on Boar Lane to OMI Estates, on behalf of Standard Life Investments, represented a net initial yield of 8.75 %. Acquired by an overseas cash buyer, the deal was particularly significant for Yorkshire’s commercial property market as, due to the impact of credit crunch foreign investors had historically not been active in the region.

Mathew Atkinson, associate director in Jones Lang LaSalle’s National Investment team in Leeds, who accepted the award on the evening, said: “Given the difficult  market conditions, the sale of No. 1 Trevelyan Square also proved noteworthy as prior to this deal investors with direct access to capital had been largely absent from the Yorkshire market.”

He continued: “The sale also concluded a long running remit for Jones Lang LaSalle’s Leeds office and involved a wide range of our specialist teams including Investor Property Management, Project & Development Services, Lease Advisory and National Office Agency.  Undoubtedly our longstanding and unrivalled knowledge of the building underpinned the investment sales process.”

This win builds on previous successes at the Insider Awards; the firm scooped the Agent of the Year accolade in 2008. At this year’s award’s ceremony Latitude Red, a 126,000 sq ft office building in Leeds, where Jones Lang LaSalle is joint letting agents, won the Sustainable Building/Development of the Year award.

Jeff Pearey, head of Jones Lang LaSalle’s Leeds office, concluded: “To win the top prize at the 2009 Insider awards is a fantastic result for Mathew and our Leeds team and illustrates our strength and depth across this highly competitive area of the industry.”