Highcross acquires £9m Northern office portfolio

118,806 sq ft of properties located in Preston, Leeds, Sheffield & Hull

Article posted: 20 Mar 2011

Highcross has acquired a portfolio of four regional offices in Leeds, Sheffield, Hull and Preston in a £9m deal reflecting a net initial yield of 12.53%.

The portfolio totals 118,806 sq ft of office space in Yorkshire and Lancashire, let to 27 tenants including Hewlett Packard, Lloyds Banking Group, Big Lottery Fund and Storeys SSP.

Midgery Court in Fulwood Business Park, totals 48,708 sq ft of office space in Preston, across four buildings; the 21,402 sq ft Carlton Tower is located in Leeds city centre; Carbrook Business Park comprises 10,047 sq ft of office space in Sheffield, in close proximity to the Meadowhall shopping centre whilst the 38,863 sq ft Marina Court in Hull is situated overlooking the city’s marina.

Highcross acquired the portfolio from Northern Britain Property Partners who were advised by Ryden and Allsop.

Richard Pellatt, Director of Highcross' Northern office comments: "The purchase represented an opportunity to acquire a quality office portfolio with a diverse regional spread and strong mix of tenants. The prime locations and building flexibility offer excellent opportunities for increasing occupancy and enhancing asset values. With over £200m of equity available for new purchases, we remain keen to acquire properties in established regional locations which provide active asset management angles."

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Posted by Julie