Regional REIT Limited, the regional office specialist, has acquired three separate investments in Yorkshire.
The properties are in Sheffield city centre, Thorpe Business Park, Leeds, and Leeds city centre.
1 North Bank, Sheffield, acquired for £8.5m, totals 58,893 sq ft and consists of five floors of recently refurbished Grade A office space with 70 car parking spaces. Major tenants include Social Work England and XLN Telecom Ltd.
The property at Thorpe Park, Leeds, totalling 31,101 sq ft, meanwhile, was snapped up for £8.6m. It comprises two floors of recently fully refurbished office space with 154 car parking spaces and major tenants including Homeserve Membership Ltd. and SpaMedica Ltd.
Finally, purchased for £9.4m, the 34,196 sq ft Albion Street, Leeds houses six floors of recently fully refurbished office space and retail on the ground floor. Major tenants include Specsavers, Akari Care Ltd., and The National Association of Citizens Advice Bureaux. Located in the heart of Leeds city centre, it has 14 car parking spaces.
Stephen Inglis, CEO of London & Scottish Property Investment Management, the Asset Manager of Regional REIT, said: “We are delighted that following the company’s announcement on 18 May of a £48.2m acquisition yielding 8.7%, Regional REIT has made further attractive acquisitions taking advantage of compelling market conditions for our strategic focus on UK regional offices.
“The three acquired assets announced today are high quality and well located buildings, purchased at a strong accretive blended yield of 8.0%. 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.”
