Case Study

One Whitehall Quay Leeds

BNP Paribas Real Estate has acquired L&G’s One Whitehall Quay (1WQ) on behalf of Manchester-based investor and developer CPG.

Investment Management Offices

One Whitehall Quay, positioned in the centre of Leeds, is a 50,000 sq ft five storey prime office building fronting the River Aire and within 100m of Leeds Railway Station. It occupies a large 1.2 acre site and is let until 2027 and 2028 to Mercer and BJSS.

WHAT WAS OUR APPROACH?

We approached an owner who we knew to be quietly selling properties. We advised our client of both the opportunity to buy at a long-term discount in the current market and underwrote the opportunity with a business plan that allows for either an office refurbishment or redevelopment to an alternative use on lease expiry.

Martin Ridgway, Group Managing Director at CPG

“

CPG have a significant investment and development programme and IWQ is the latest example of the company’s focus on prime property and diversification across all property sectors.

“

 

RESULTS ACHIEVED & ADDED VALUE

We secured the property at an attractive price and held the contract for a 5-month period. This was during a very uncertain time in the market based upon a strong relationship with the vendor and our client the purchaser.

The purchase was awarded Costar’s Deal of Q2 2023 award for Yorkshire and Humberside.

Hugh White, Head of National Capital Markets at BNP Paribas Real Estate

“

The property was sourced following a targeted strategy where we, BNP Paribas, were able to deliver on the purchase through our well established market contacts.  The acquisition is a great example of buying a medium let asset in an excellent location that offers a range of options on lease expiry at an opportunistic time in the market cycle.

“
Hugh White
Senior Director - Head of National Capital Markets
Liam Ridley
Associate Director
One Whitehall Quay Leeds