Creative agency IMA has acquired The Malthouse building in Leeds in a £4m deal, taking freehold ownership of the refurbished 18th-century former maltings from the administrators of former landlords Leaseco 23 Limited, which collapsed last year.
Details of the Acquisition
The building, located opposite Leeds Dock, provides more than 24,000 sq ft of office accommodation, with Leeds city centre and train station only minutes away. IMA has been based at The Malthouse since 2020, after moving from their location in Headingley, where the company was based for more than 30 years. The Leeds office is one of six, with additional bases in London, Amsterdam, Sydney, New York and Manchester.
Statements from IMA
A spokesperson for IMA said: "Leeds Dock has become a real hub for creative and growing industries, and it’s been an inspiring place for us to call home over the past few years. Our workspace plays a big role in shaping how we collaborate and support our clients, so having the opportunity to make it our own is incredibly important."
"Acquiring The Malthouse gives us the flexibility to evolve the space alongside our business and create an environment that truly reflects who we are. The process has been smooth throughout, and we’ve really valued the expertise and support from the Avison Young team."
Background on the Landlord's Collapse
Leaseco 23 - formerly known as Leeds Dock Limited - owned 24 ground-floor commercial units at Leeds Dock, and was linked to two buildings there. The property-owning company's finances deteriorated following the departure of a key anchor tenant in January 2024, leading to a big fall in rental income. Despite the efforts of directors to refinance, administrators at Interpath were called in and appointed in mid December 2025. A statement of affairs showed a total estimated deficit of more than £12m.
Professional Advisors
Avison Young acted for IMA, while Cushman & Wakefield acted for the seller. The deal is described as reflecting the ongoing momentum of Leeds’s creative and digital industries.
