Barnsley council buys freehold for Gateway Plaza

  Barnsley council has bought the freehold of the Gateway Plaza mixed-use development in the town for around £20m for its own occupation.   The deal with developers Quest Property and Landmark Development Projects is one of the region’s largest office deals to-date.   The council will move staff from several other locations into the building, occupying around 78,000 sq ft of the 96,000 of office space.   Housing manager Berneslai Homes took the top floor last year.   The other elements of the scheme – made up of 188 flats, shops and a Premier Inn hotel – are leased on 999-year leases. Chief executive for Quest Property, Jason Brook, said; “We developed Gateway Plaza on a speculative basis and are incredibly proud to have successfully delivered this complex, ambitious scheme in one of the most challenging of economic climates.”   Tim Cameron–Jones, investment director and head of DTZ’s Leeds office, which advised the council, said: “This represented an opportunity for the council to acquire very high-quality offices at a sensible cost, together with the benefit of some investment income from existing tenants.    “DTZ was delighted to support the council in both the negotiations and technical due diligence.”   annabel.dixon@estatesgazette.com   To access all EGi news stories and commercial property data sign up for a free trial today, or visit the subscription options page to find out more.