A York-based property investment and development company has added a £1.6 million Grade II listed office building to its portfolio.

The Helmsley Group, which is based at Monks Cross North Business Park, has bought the 11,243 sq ft Duke House office at 54 Wellington Street, Leeds, to add to its £70 million syndicated property portfolio. The tenant is Ison Harrison Solicitors, which has occupied the building since 1995 and retains the lease until 2025.

The Helmsley Group specialises in syndicating commercial property to investors, who receive a share of the rental income, plus any capital growth.

The expected annual net return for its latest acquisition is seven per cent.

Helmsley director Ian McAndrew said: “Duke House is an historic building with some lovely architectural detail and has been converted well for today’s modern users.

“It is in a convenient location with good access to the train station, the motorway network and the airport.

“It is in the heart of Leeds’ business district and has a great tenant with Ison Harrison Solicitors, which employs more than 150 people and has recently merged with Bowman’s Family Law.

“Individuals are used to the concept of buy-to-let residential property and we have taken the concept one step further by offering fully-tenanted commercial property to investors. Our syndicated properties are really popular and we expect Duke House to be fully subscribed very soon.

“It represents a low-risk, long-term investment opportunity for investors looking for a steady return on their money and who also benefit from the long term capital gain of the property,” Mr McAndrew said.