Property investor agrees £27m triple office deal

One Northbank, Sheffield ©

Office specialist Regional REIT has made three separate investments in Sheffield and Leeds, worth £26.5m in total.

These include 58,893 sq ft of space at North Bank, Sheffield, 31,101 sq ft at Thorpe Park, Leeds, and 34,196 sq ft at 84 Albion Street, Leeds.

Stephen Inglis

Stephen Inglis, CEO of London & Scottish Property Investment Management, the asset manager of Regional REIT, said the latest acquisitions take advantage of “compelling market conditions” for the business’s strategic focus on UK regional offices.

He added: “The three acquired assets announced today are high quality and well located buildings, purchased at a strong accretive blended yield of 8%.

“All three assets are supported by high quality tenants in a growth region of the UK that we are keen to increase the portfolio’s exposure to.

“The assets also provide us with compelling opportunities to drive further value through asset management activity, whilst delivering attractive income streams.”

The Sheffield purchase from CEG features five floors of recently refurbished Grade A office space to the north of the city centre alongside 70 car parking spaces, and is let to Social Work England and XLN Telecom Ltd.

At the Thorpe Park Business Park in Leeds which is being developed by Scarborough Group, Regional REIT has bought two floors of fully refurbished offices with 154 parking spaces. Tenants include Homeserve Membership Ltd and SpaMedica Ltd.

Finally at 84 Albion Street, Leeds, which is close to The Headrow, the acquisition involves six floors of refurbished offices along with retail on the ground floor. The property includes 14 parking spaces and is occupied by Specsavers, Akari Care Ltd, and The National Association of Citizens Advice Bureau.