CBRE Global Investors, represented by international real estate adviser Savills, has sold Yorkshire Bank’s headquarters in Leeds to a private Spanish investor for £16m.

The five-floor city centre property offers 76,344 sq. ft. (7,092 sq. m) of office space and has been let in its entirety to the bank since it was built in 1980. The annual rental income is £1.19 million, with around nine years unexpired on the current lease.

The office space is based at Twenty Merrion Way and is close to the First Direct Arena and Merrion House, which is being redeveloped as a 170,000 sq. ft. (15,793 sq. m) headquarters for Leeds City Council.

Simon Lister, investment director at Savills, said, “This asset combines a secure income with excellent development prospects and an integral position in a booming area of Leeds city centre. We received significant interest from both overseas and domestic investors, and are very pleased with the strong sale price achieved.”