Investec lends RBH Properties £5.1m for Leeds co-working venture
Investec Structured Property Finance has agreed to provide investment and development group RBH Properties with a £5.1m investment loan to refinance acquisition and refurbishment costs in a Leeds office.
This follows the conversion of 10-12 East Parade in central Leeds to flexible workspace.
Erin Clarke, at Investec, said: “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.”
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.