A substantial office and retail building in the heart of Leeds has been officially listed for sale, with commercial property agents targeting a sale price in excess of £4 million.
Prime City Centre Investment Opportunity
Advisors Fox Lloyd Jones are marketing 84 Albion Street, a multi-let property they believe is perfectly suited for future redevelopment. Potential new uses highlighted by the agents include conversion into a boutique hotel, service apartments, or student accommodation, thanks to existing planning permission.
The property spans a total of more than 31,500 sq ft. The ground floor is dedicated to retail, featuring four units that extend to 9,282 sq ft. A key feature is the presence of a longstanding tenant, Specsavers, with the retail section collectively generating a secure £220,000 in annual income.
Detailed Layout and Income Streams
The upper floors of the building, which are accessed separately, provide office accommodation. The first floor is already fitted and furnished, arranged as five ‘let ready’ studio suites. From the second to the sixth floor, each floorplate offers 3,445 sq ft of space.
Several of these upper floors include valuable amenities such as kitchens and meeting rooms, enhancing their appeal to potential tenants. A notable highlight is a private roof terrace located on the second floor.
Combined, the entire building produces a total annual rent of more than £295,000. The existing leases provide a degree of income security, with an average remaining lease term of 3.91 years to expiry.
Agent Confidence in Leeds Market
Nick Salkeld, a director at Fox Lloyd Jones, commented on the sale. He stated they are bringing 84 Albion Street to the market during a period of significant office rental growth opportunity in Leeds city centre. He emphasised that demand for high-quality, value-add opportunities in core regional cities remains strong.
“The building provides a compelling blend of secure income and clear repositioning potential,” Salkeld said. “Its central location, efficient floorplates and the flexibility inherent in the design mean it appeals to a wide range of investor groups looking to capture both short-term and long-term value.”
He added that Leeds continues to demonstrate resilience and growth across its office, retail, and living sectors, and that 84 Albion Street is exceptionally well-placed to benefit from this positive market context.
The agents also pointed to the building's natural light and structural layout as key factors making it suitable for alternative uses. A recent feasibility study has suggested a potential to create around 30 residential units across the upper floors, underscoring the asset's versatility for a new owner.
