Yorkshire Water has purchased its head office in Leeds from Harbert/XLB for £20m. In a show of confidence to the UK office market during the pandemic, the 72,000 sq. ft. building was sold to the occupier after a competitive bidding situation, where bids well exceeded the quoting price of £18.4m (7% NIY).

The office building was purchased in the Webb portfolio with Harbert Management Corporation in 2016. XLB asset managed the property – initially regearing Yorkshire Water’s lease on 57,000 sq. ft. in 2017 – letting a further 15,000 sq. ft to them in 2019 then finally selling the building to them in April 2020. This is the 2nd office sale in a matter of months in the great city of Leeds for Harbert/XLB/DTRE. DTRE acted for the vendor whilst Knight Frank acted for the purchaser.

Acting Agents: David Turner and James Cook from DTRE LLP