York address sold in multi-million pound deal

A PROPERTY in York has been acquired by real estate fund managers PRUPIM for £10.45m.

The address, 28-40 Blossom Street, is let to Whitbread Group, trading as Premier Inn, on a 25-year lease.

PRUPIM has brought the property, which represents a net initial yield of 5.85%, from The Blossom Street Venture, a Helmsley Group syndicate.

The Blossom Street Venture was represented by Reeves & Co, while Sanderson Weatherall advised PRUPIM.

The property comprises a new four storey, 91 bed hotel fronting Blossom Street in the city centre.

Peter Atkinson, of Sanderson Weatherall, said: “This represented a rare opportunity to acquire a prime asset in York city centre with both a secure income flow with inbuilt growth and a substantial inherent land value.

“The transaction demonstrates my client PRUPIM’s commitment to buying high quality, well located real estate.”