New office development sold - commercial mortgages

24 January 2008

A new commercial office development in Leeds has been sold, it has been revealed.

Building A in Cloth Hall Court in the centre of Leeds was sold by Princeton Investments to Highcross yesterday for £18.75 million.

The transaction may by evidence that many firms are still optimistic for the prospects of commercial property despite the recent downturn, news which may hearten those with commercial mortgages.

Highcross spokesman Andrew Osbourne told the website: "The property''s excellent location and existing planning consent for expansion, offered an exciting opportunity to significantly enhance its asset value and rental prospects."

Mr Osbourne added that the £10 million "high-quality" refurbishment of the building would make it a prime commercial office space for companies looking for city centre facilities.

Earlier this week the Royal Institution of Chartered Surveyors said that demand for commercial property in the UK remained "firm".