Multi-million pound deal for Tower

A SHOPPING centre which incorporates a medical practice in York has been sold for more than £3m.

Tower Court in Clifton Moor, York, has been bought by Clifton Moor Investments, a subsidiary of Doncaster-based Lazarus Properties from the Falcon Property Trust, managed by CBRE Investors.

The 48,000 sq ft mixed-use development provides a neighbourhood shopping centre alongside the busy medical practice.

The rent roll is in excess of £400,000 a year.

Rebecca Farnsworth of the Leeds office of Knight Frank advised Falcon Property Trust.

Meanwhile, Knight Frank has completed another investment deal involving Falcon Property Trust, advising on the acquisition of an industrial estate in Derbyshire for a private investor for £1.85m.

The 56,000 sq ft Freshwaters Industrial Estate in Holmewood, Chesterfield, has a variety of tenants with a rent roll of more than £250,000 a year.

Ms Farnsworth said: “These deals show there are people willing to transact in these challenging times when they have confidence in the underlying property fundamentals.”