Getech, a locator of subsurface resources needed for the world to decarbonise, has revealed the partial sale of its head office.
The company’s head office is located at Elmete Hall near Leeds, which comprises of three adjoining properties known as Kitson House, Nicholson House and The Old Hall, of which the company owned two properties: Kitson House, which is a 5,726 sq ft Grade 2 listed Georgian building, and Nicholson House, which is a modern 6,996 sq ft office building.
During Covid, the company vacated Kitson House to reduce costs and Getech staff are now located within Nicholson House.
Getech has now sold Kitson House for gross proceeds £0.65m. Getech intends to use the net proceeds of the sale to paydown bank debt secured on the property, which is currently in discussion with the bank, with the remainder retained by the business for working capital.
Meanwhile, the company continues to market Nicholson House for sale, with the intention of selling the property and moving to premises in central Leeds.
Richard Bennett, acting CEO, said: “We are pleased to have sold Kitson House and we will use the net proceeds to continue to develop the business.
“Although the property market remains challenging, we shall continue to offer Nicholson House to the market and use the proceeds to relocate within Leeds to more appropriate offices closer to the university and its innovative community.
“This will enhance the business as we accelerate the development of the Globe geoscience platform.”
