Overview
ASK Partners provided a senior loan facility secured against Hepworth House, a 91,000 sq ft freehold office building in Leeds. Acquired for £17.6m and fully let to Capita Plc on a 12-year unexpired FRI lease, the asset delivers strong, reliable income while offering clear potential for alternative use. The property occupies a prominent location on major link roads in the centre of the city, directly opposite Leeds Beckett University and the Leeds General Infirmary, both of which are driving long-term demand in the area. The facility enables the borrower to hold the asset, stabilise income and potentially progress plans for future repositioning.
Facility: Senior loan
Asset type: Office with alternative-use potential
Location: Leeds city centre
Lending rationale
The borrower, Saqr Capital, sought a lender capable of understanding both the strength of the in-place covenant and the strategic opportunity presented by the site. With a growing population of young professionals and students, significant job creation and ongoing regeneration, Leeds continues to attract investment into mixed-use and alternative-use projects. ASK’s experience in funding income-producing assets with future redevelopment potential enabled the delivery of a tailored facility aligned to the borrower’s medium-term strategy.
Joe Freedman, Head of Origination, ASK
“This is a very well-located asset with a strong tenant covenant. Leeds has a growing population of young professionals and students, significant job creation and large-scale regeneration projects. The transaction reflects ASK’s ongoing strategy to fund income-producing assets with potential for alternative use.”
Paul Olding, Partner, Saqr Capital
“ASK understood both the immediate income strength of the building and the longer-term opportunity the site presents. Their ability to structure a facility that supports our plans made them the ideal funding partner. We look forward to working with them as we explore the next phase for Hepworth House.”
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