Leeds businessman Tony Bramall is set to add to his growing portfolio of opportunistic property purchases after exchanging contracts for two properties in Leeds.
The car dealer’s property business, Bramall Properties, has bought the retail properties in Albion Place and Albion Street from Town Centre Securities for £13.75m.
The deal represents a net initial yield of around 8.3%.
WH Smith and Hospital Medical Group lease the Albion Place property and Waterstones leases the Albion Street shop, bringing in a rent of £1.14m.
Last month Property Week revealed that Bramall had bought law firm Addleshaw Goddard’s office in Leeds for £18.5m, a net initial yield of 8.5%.
Town Centre Securities said it would use the money from the sales to pay down group debt.
Completion will take place on the 27 May.