Major office project in Leeds - commercial mortgages

23 October 2006

A new £19.5 million office refurbishment project in the Meadow Lane area of Leeds, which may benefit local investors with commercial mortgages, has been announced by CB Richard Ellis Investors.

The firm has completed the purchase of the three-storey No 1 Leeds City Office Park, which contains 61,000 sq ft of office space and a 198 capacity car park, the Yorkshire Evening Post reports.

Linus Forsberg, associate director of CB Richard Ellis Investors, says the area of the city meets its current criteria of a "dynamic economy" and strong "growth potential".

"This part of Leeds has taken off as a commercial centre in the last few years and the new Bridgewater Place development will be a catalyst for further activity which will ensure its continuing importance," he told the newspaper.

Meanwhile, the market for commercial property has continued to perform well with the recent IPD UK All Property Index showing that commercial property has given a 13.8 per cent return this year.