Investec Structured Property Finance has agreed to provide RBH Properties with a £5.1 million investment loan to refinance acquisition and refurbishment costs following the conversion of 10-12 East Parade in central Leeds to flexible workspace.
The entire 35,000 sq ft Grade II-listed property has been fully let on a 25 year FRI lease to Avenue HQ and 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.
Prominently located in the heart of Leeds city centre and five minutes’ walk from Leeds Station, Avenue HQ Leeds has 200 co-working desks; 35 private offices; 10 meeting rooms; large event spaces; and an executive boardroom, spread across five floors. 500mb internet comes as standard and the building also includes a café and fully-licensed rooftop bar.
Barclays Eagle Labs have already taken an entire floor dedicated to incubating high-growth businesses in Leeds.
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 with 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.”