Highcross seals £9m property deal
PROPERTY fund manager and developer Highcross has acquired a portfolio of four office buildings located in Lancashire and Yorkshire in a £9m deal.
The deals for the buildings in Preston, Hull, Leeds and Sheffield reflect a net initial yield of 12.53%.
The portfolio totals 118,806 sq ft and is let to 27 tenants including Hewlett Packard, Lloyds Banking Group, Big Lottery Fund and Storeys SSP.
The estate includes: 48,708 sq ft, four-building Midgery Court in Fulwood Business Park, Preston; the 21,402 sq ft Carlton Tower in Leeds city centre; 10,000 sq ft Carbrook Business Park in Sheffield, close to the Meadowhall shopping centre; and the 38,863 sq ft Marina Court in Hull.
Berkshire-based Highcross, which has an office in Manchester, acquired the portfolio from Northern Britain Property Partners, which was advised by Ryden and Allsop.
Richard Pellatt, director of Highcross’ Northern office, said: “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.”
