Highcross buy four new offices.
Property company acquire northern office portfolio.
Commercial fund management and investment specialists Highcross have increased their northern office portfolio in the UK. The company has acquired £9 million of office space in Leeds, Sheffield, Hull and Preston.
Overall the firm’s portfolio contains 118,806 square feet of office space in Northern England. The new deal reflects a net initial yield of 12.53%.
The Preston office space is the largest purchase and comprises of Midgery Court in Fulwood Business Park. It contains 48,708 square feet of office space across four different buildings. The second property bought is Carbrook Business Park which contains 10,047 square feet in Sheffield along with the 38,863 square foot Marina Court in Hull. Lastly the company purchased the 21,402 square feet Carlton Tower in the heart of Leeds.
Highcross purchased the entire portfolio from Northern Britain Property Partners whilst receiving advice from Ryden and Allsop.
“The purchase represented an opportunity to acquire a quality office portfolio with a diverse regional spread and strong mix of tenants. The prime locations and building flexibility offer excellent opportunities for increasing occupancy and enhancing asset values,” commented Richard Pellat, director of the Highcross Northern office.
The new properties are currently leased out to 27 tenants including high profile companies such as Lloyds Banking Group, Hewlett Packard, Big Lottery Fund and Storeys SSP.
Highcross are looking to purchase even more properties across the UK and increase their portfolio in the country.
“With over £200m of equity available for new purchases, we remain keen to acquire properties in established regional locations which provide active asset management angles,” commented Mr Pellat.