Property firm boosts Yorkshire portfolio with double deal
Hurstwood Holdings, the Manchester-based property investment and development company, has added to its Yorkshire property portfolio with two new office investments.
Bought in the same week, the company has acquired Churchfield Court – a 27,751 sq ft office building in Barnsley – with a net initial yield of 10%, and Teleware House, a 24,758 sq ft site on York Road in Thirsk, for a net initial yield of 20%.
Stephen Ashworth, chairman and chief executive of Hurstwood Holdings, said: “As our neighbouring county, Yorkshire is an area that we are always keen to expand our presence in.
“We bought these two buildings at auction in the same week as they fitted our investment requirements.
“Churchfield House is a multi-let building that still has some vacant units, which gives us an opportunity to improve its already strong yield, and Teleware House benefits from a strong covenant letting as the headquarters for Teleware Plc.”
Gateleys in Manchester provided Hurstwood Holdings with the legal advice for these completions.
Hurstwood Holdings is a commercial and residential property group with more than £160m of property on 100 sites nationwide, housing in excess of 700 occupier clients.
