Two office buildings sold off at business park
Yorkshire property development and investment company, Sterling Capitol, has sold two office assets at Capitol Park, Leeds, for an undisclosed sum.
The first asset was the 4,862 sq ft 1 Sterling Way, occupied by Create Fertility, and let on a new 10- year lease. It was bought by Assura PLC, a specialist healthcare investor.
The second was 2 Sterling Court, the 7,000 sq ft home of Ideal Boilers, which was recently re-geared on a 10-year lease. It was acquired by Real Estate Investment Group, a family-owned property company with diversified portfolio across a number of different sectors and asset classes.
Both deals were brokered by the Leeds office of global property consultancy, Knight Frank.
Tom Brown, senior development surveyor at Sterling Capitol, said: “We let and re-geared the two properties in early 2022 to make the two investments as attractive as possible.
“We were pleased that we achieved in excess of our business plan valuations which shows there is still strong sentiment in the market for quality assets occupied by high calibre tenants.
“These two deals are part of our strategy of selling our non-core assets. Upon the successful execution of our business plan, Sterling’s strategy is to focus on the identification, promotion and development of strategic employment land along prime motorway junctions across Yorkshire and the North East.
“We have some extremely exciting plans in the pipeline, which will create much-needed business space and jobs for the region.”
In particular, Sterling Capitol has recently been given the go ahead by Leeds City Council to develop more than one million sq ft of employment land in Leeds, which will create 2,000 jobs. The site is adjacent to Capitol Park Leeds, by Junction 28 of the M62.
The high-profile development, featuring logistics and advanced manufacturing units, will be partly speculatively developed in conjunction with developers PLP.
Corinne Travis of Knight Frank, who advised Sterling Capitol, said: “It is fitting that two of the most significant out-of-town sales at the end of last year took place at Capitol Park, Leeds, one of the first – and best – business parks in the county, capturing the conurbations of both Leeds and Wakefield.
“Sterling Capitol has a fantastic track record of developing quality business parks in strategic locations in Yorkshire. These two deals are a testament to the company’s achievement.”
