Date: Wed 7th October, 2009
Venue:
Number of Guests Attended: 350
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Jones Lang LaSalle's (JLL) sale of No 1 Trevelyan Square in Leeds took the top prize of Commercial Property Deal of the Year at Insider's Yorkshire Property Industry Awards 2009, held at Saviles Hall in the Royal Armouries, Leeds.
In the property deal of the year, we look to recognise a deal that demonstrates the skills the Yorkshire property industry is renowned for. Jones Lang LaSalle's sale to overseas investor OMI Estates, on behalf of Standard Life Investments, represented a net initial yield of 8.75 per cent. 1 Trevelyan Square is let to five top class tenants, including the Secretary of State.
Asked whether there was any light at the end of the tunnel, Mathew Atkinson, associate director of JLL's national investment team in Leeds, said it was "the start of the beginning of any type of recovery" in the property industry.
He added that the investment market was showing signs of life but the occupancy market was still struggling. "Banks are the key, full stop. We need banks to start lending again." And his advice to the audience? "Look at everything that is mispriced. Fortune favours the brave."
Santander won Property Funder of the Year and the firm’s James Meigh told Insider that trusted property professionals with a track record will still get funding despite the difficult property market. The relationship director said there is money for the right people doing the right schemes, and relationship directors who know their local area and local people will do business with people they trust.
He said: "In this market the medium-term prospects are pretty good for us. We provided £32m of a £42m refinancing for the Towngate Group, there are high profile individuals setting up local property funds and we're well advanced in negotiations with a couple of those."
Other winners included Bowman Riley Architects, Wakefield Council and St Paul's Developments.