Investec lends RBH Properties £5.1m for Leeds co-working venture
Investec Structured Property Finance (“Investec”) announces that it has agreed to provide RBH Properties, the independent and privately-owned investment and development group, 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.
Erin Clarke, at Investec Structured Property Finance, commented:
“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.”
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; ten 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.