Major Leeds property sold for £3.55m

The sales contract is unconditional and the transaction is expected to be completed in December 2016.

Ace will continue to receive rental income at the annual rate of £188,000 from the Department of Work and Pensions, the current occupier of the property, until completion of the sale.

The property was purchased by Ace in March 2014 for a total sum of £1.67m. The transaction represents a profit of £1.88m.

Ismail Ghandour, chief executive of Ace Liberty & Stone, said: “The board is delighted with the successful sale of Hume House. This transaction will provide significant cash resources for Ace to purchase additional properties with high growth potential.

“The board is confident that the company will continue its successful track record in identifying profitable opportunities and develop them to their full potential.”