Sterling Capitol offloads assets worth £7.1m

PROPERTY development and investment company Sterling Capitol has sold a trio of assets in Yorkshire for £7.1m.

Leeds-based Sterling Capitol has disposed of its share in the Capitol Court office building and eight hybrid units at Capitol Park in Barnsley for £3.5m to M7 Real Estate of London.

The company has also sold a 33,000 sq ft industrial unit, leased to Drax, to CBRE Investors for £3.6m. CBRE Investors was advised by Mathew Atkinson in JLL’s Leeds office.

The deals were brokered by the Leeds office of Knight Frank, which represented Sterling Capitol.

Mike Heydecke, on behalf of Sterling Capitol, said: “These are important deals for us, as they allow us to concentrate on future developments at all three of our business parks at Leeds, Barnsley and Goole. We have some extremely exciting plans in the pipeline, which will create much-needed business space and jobs in both West and South Yorkshire.

“In particular, Capitol Park Leeds is a tremendous success story and recent lettings and deals have taken it to the 1,500 jobs target for Phase One. It is one of the brightest stars of the Yorkshire out-of-town business park market and continues to attract first-class tenants. We are looking to build on this success.”

He added: “As a company, we are extremely proud of what we have achieved at all three business parks. Job creation is at the heart of our plans and we have developed three of the most impressive business parks in Yorkshire, with an excellent mix of tenants and facilities. Premier business locations such as our three Capitol Parks remain popular in a testing economic climate.”

Henrie Westlake, head of investment at Knight Frank in Leeds said: “These are the most significant investment deals in Yorkshire so far this year. They graphically illustrate that the region continues to be popular with investors and underline that well-located assets, with proven occupiers on long-leases, will always prove attractive.”