Mixed-use York building snapped up for £5m
Property Alliance Group has sold a mixed-use property in York for £5m to Boultbee Brooks Real Estate (BBRE), a privately-owned property investment and development company.
Spanning 23,091 sq ft, 16-24 George Hudson Street includes Grade A office space spread over three floors with retail units on the ground floor.
Tenants include My Knowledge Map, bus operator First York, and engineering consultancy Halcrow, which has recently been acquired by Jacobs.
The property produces a current income of £393,208 a year.
The Manchester and Leeds offices of Cushman & Wakefield jointly represented Alliance. BBRE was advised by Aurum Real Estate.
Rob Peill, head of offices at Alliance said: “This is a prime asset conveniently located less than a five-minute walk away from York Station. Since acquiring the property, we’ve invested in an extensive refurbishment to meet the huge demand for high-quality Grade A office space in York, including remodelling the reception area. This has attracted a steady flow of new tenants with strong covenants making it an ideal investment opportunity.”
Richard Brooke of Cushman & Wakefield in Leeds added: “The centrally-located Grade II listed building offers some of the most attractive office space in York and its popularity with occupiers is evidenced by the lettings achieved by Alliance since refurbishment. We fully expect that the asset will continue to perform well for its new owners BBRE.”
