Landesbank sells 1 Crown Court
Crown Court Property London, a special purpose vehicle controlled by Landesbank Berlin, has sold 1 Crown Court, EC2, to a private Asian client of Priority Real Estate for £31.5m – an initial yield of circa 5%. The 43,195 sq ft freehold office block is let to nine tenants with an average weighted unexpired term of 3.5 years. Cushman & Wakefield advised the vendor.
Bruntwood eyes Brum scheme
West Register has lined up Bruntwood to buy a 190,000 sq ft office development site at 2 Cornwall Street, Birmingham. The site – on which a 90,000 sq ft office block presently stands – is expected to be sold for £10m, slightly above the £9m asking price. GVA and CBRE are advising West Register.
RLAM buys spec business park
Royal London Asset Management has bought the 52,000 sq ft Compass Business Park speculative development in Chessington, Surrey, from Downham Properties and Goya Development for £9m. The seven-unit park is due for completion in September 2015. Fletcher King represented the vendor; Mason Philips acted for the purchaser.
Mayfair on Trax in Doncaster
Mayfair Capital Investment Management has bought the freeholds to two neighbouring distribution centres on Trax Park, Doncaster, for £19.5m through its Property Income Trust for Charities. The price reflects a net initial yield of 6.55%. The 308,500 sq ft assets are let to Wincanton. Colliers advised vendor Caudwell Properties; Deloitte Real Estate advised Mayfair Capital.
Leeds Uni buys student digs
The University of Leeds has paid £62.3m to buy phases one and two of Central Village, Calverley Street in Leeds. The recently completed student housing scheme comprises 980 beds. DTZ acted for the University of Leeds; vendor Downing was unrepresented.
