Flagship city office building sold in £37m deal
A LANDMARK Yorkshire office building has been sold in a £37.62m deal just two years after it was sold for £60m.
As reported on TheBusinessDesk.com last month, No.1 Whitehall Riverside in Leeds has been sold to AIM-listed group London & Stamford Property by New Star Asset Management.
New Star bought the 130,000 sq ft property, which has tenants including accountants Grant Thornton, law firm Cobbetts and weath management firm Newton, for £60m from Leeds-based Town Centre Securities in 2007.
The average weighted unexpired lease term is 15.5 years and 84.7% of the leases by income are more than 17 years. The property is let at an average of £25.42 per sq ft.
London & Stamford Property bought a 50% stake in the Meadowhall shopping centre in Sheffield for £1.175bn from British Land earlier this year.
Lewis Ellis acted for London & Stamford Property and Knight Frank acted for The Royal Bank of Scotland as trustee for the NewStar Property Unit Trust.
Raymond Mould, the non-executive chairman of London & Stamford Property, said: “This building adds to London & Stamford’s growing portfolio and combines an excellent blend of building quality, current market rent, long lease length and secure income as well as regional diversity. Given the leverage we can also apply, No1 Whitehall Riverside will give us a very good income return on our equity investment.”
The office agency team at CB Richard Ellis in Leeds had been appointed by New Star Asset Management to let the remaining suite at the No.1 Whitehall Riverside development last month.
CBRE has been instructed by Town Centre Securities on No.7 Whitehall, phase two of the six acre riverside site development, which currently has detailed planning consent for 60,000 sq ft of office accommodation.
