Property firm continues acquisition spree with historic business centre
Property investment and development company, Hurstwood Holdings, has continued its commercial property purchasing spree and acquired Federation House – a 25,000 sq ft office building in Stoke-on-Trent, for an undisclosed sum.
The deal reflects a net initial yield of around nine per cent.
Originally built in the 1930s to house the region’s growing potteries community, the six-storey art deco building has been twice visited by HRH Queen Elizabeth II.
Situated on Station Road, Federation House operates as a thriving business centre and is also home to the Potters Club, British Ceramic Confederation and Freeths.
It also has 75 secure car parking spaces.
Stephen Ashworth, long-standing chairman and CEO of Manchester-based Hurstwood Holdings, said: “The last four years have been especially busy for us as we continued to acquire new investment stock in various locations all over the country, but Federation House is a particularly significant and a very important addition to our thriving portfolio due to its strategic city central location, opposite the rail station and on the edge of the university campus.
“We intend to continue its use as a successful business centre whilst at the same time protecting its original heritage as an important landmark building in this conservation area with historic significance for the city and local business community.”
King Street Commercial acted on behalf of the vendors, the British Pottery Manufactures’ Federation (Trustee). Avison Young represented Hurstwood Holdings. Gateleys in Manchester was the legal advisor and Rothschild & Co, acting through its investment management mandate, provided the finance.
Hurstwood Holdings is a commercial and residential property group with more than £160m-worth of property on 100 sites nationwide housing in excess of 700 occupier clients.