Downing sells £37m
Leeds office to Aviva
Liverpool property group Downing has announced it is in a strong position to expand its property portfolio in 2010 following the sale of Broadcasting Place in Leeds for £37.65m.
The company, which owns and manages around 1m sq ft of
office space in Liverpool alone and has mixed-use schemes under development across
Manchester, sold the major site to Aviva.
The Insurance group has bought the 111,000 sq ft commercial scheme, which is entirely let to Leeds Metropolitan University on a 22-year lease, at an initial yield of 5.85%.
Downing still owns and manages the student accommodation element of the scheme which comprises the 23-storey Broadcasting Tower which contains 241 student residences.
The deal follows on from the £32.5m sale of the first phase of its Downing Plaza scheme in Newcastle to Merchant Place Corporate Finance last November.
Last month Downing also secured Liverpool’s largest-ever commercial letting when the UK Border Agency (UKBA) took 220,000 sq ft at The Capital building in the heart of the city’s commercial district.
Paul Houghton, development director at Downing, said: “This strategic disposal marks the culmination of a very fruitful three months for Downing. It will allow us to build on the success of the UKBA letting and the sale of Downing Plaza phase one, to move forward in 2010.
“There is no doubt that this will be another tough year for the industry. However, the successful conclusion of these deals means we are in a strong position to take advantage of the significant opportunities presented by changing market conditions.”a
Liverpool property group Downing has announced it is in a strong position to expand its property portfolio in 2010 following the sale of Broadcasting Place in Leeds for £37.65m.
The company, which owns and manages around 1m sq ft of office space in Liverpool alone and has mixed-use schemes under development across Manchester, sold the major site to Aviva. (more…)
