York government department hub sold for £25m

Family trust All Six York has bought Kings Pool, a trio of York offices occupied by several government departments, for £25.3m. The offices, which combined measure 142,221 sq ft, were previously acquired by Standard Life Investments on behalf of NatWest Pension Fund for £43.5m in 2014, reflecting a 5.9% net initial yield. Kings Pool is let to several government departments until 2028. These include the Department for Environment, Food and Rural Affairs, and Department for Levelling Up, Housing and Communities. All Six York is considering options for changing uses of the site after those leases expire. It is understood alternative uses could include residential and student accommodation. York-based Helmsley Group has been appointed as the asset manager for the offices. CBRE acted for the vendor; Get Busy Living acted for the buyer. See occupational sales comparables in Yorkshire and the Humber >>