Highcross purchases quartet of offices

Posted on by John Cronin

Commercial property investors Highcross have been active in the market, purchasing a quartet of offices in a single £9m deal.

Following on from a £6.7m deal for an industrial building in Aberdeen last month, Highcross have announced the purchase of a 4 office portfolio for £9m from vendors, Northern Britain Property Partners. The portfolio amounts to total floor space of 118,806 sq ft and the transaction is expected to generate a net yield of 12.53%, equating to an average rental price of £9.50 / sq ft.

Marina CourtThe 4 offices are located across the north in Preston, Leeds, Sheffield and Hull and are currently multi-let to 27 tenants including Hewlett Packard, Big Lottery Fund and Lloyds Banking Group.

The largest of the offices is Marina Court, Hull (pictured) which offers approximately 39,000 sq ft of floor space that is let in flexible suites ranging from 400 sq ft up to 3,000 sq ft. Typical quoted rental prices are £6.50 / sq ft.

Another office scheme in the portfolio is Midgery Court in Fulwood Business Park, Preston. This development actually consists of 4 office buildings, totalling 48,708 sq ft of floor space, with each office offering 12,177 sq ft.

The remaining offices in the purchase are Carlton Tower, a 21,402 sq ft multi-suite scheme in Leeds city centre with offices offering floor space of approximately 1,300 sq ft and the 10,000 sq ft Carbrook Business Park near the Meadowhall shopping centre in Sheffield.

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.”

Mr Pellatt also says that Highcross have an further £200m available for additional purchases in established regional locations.

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