Building let by the HMRC sold for £14m

Centenary Court in Bradford, which is let entirely to the HMRC, has been sold to a private investor for £14.35m.

CLS Holdings has completed the disposal of the 105,200 sq ft property, which has a current annual rent of £2.3m.

The building, which is let in its entirety to HMRC until April 2027, has a tenant break clause effective April 2021.  HMRC houses HM revenue and customs in the building and has made public its intention to vacate the property and transfer its functions to a regional centre. In the summer, HMRC agreed a 378,000 sq ft prelet at Wellington Place in Leeds on a 25-year lease.

The property was valued at 30 June 2017 at £14.35 million and its disposal will not impact the Group’s reported net asset value at 30 June 2017. 

Fredrik Widlund, chief executive  of CLS, said: “Since its acquisition four years ago, Centenary Court has generated strong double digit returns, but now is the time to reinvest its capital into assets that better fit with the Group’s strategy and geographical focus in the south east of the UK.”