PPG Land has purchased an office and retail building in Leeds city centre from CBRE Investors for £16.4m.

The building, at 4-5 Albion Place and 9 Lands Lane, was sold on behalf of the Siemens Pension Fund.

The investment comprises a 30,400 sq ft (2,825 sq m) of offices and retail, which has been redeveloped behind a retained Grade-II listed façade.

The tenants in the three retail units include La Senza and Laura Ashley. The majority of the office space is let to PriceWaterhouseCoopers.

Mark Rudolph, director at PPG Land, said: ‘This building occupies a prime position in the thriving commercial centre of Leeds. Given the strength of the location and the potential to enhance and expand the property, we are confident of adding further value to the asset.’

Jones Lang LaSalle advised PPG; HP Four and Gooch Cunliffe Whale acted for the vendor.