New low for Leeds office yields
A Leeds office has been sold for a 5.48% yield – the lowest since the onset of recession in 2008. Barmston (Park Row), managed by Wilton Developments and Clugston Estates, has sold 15-16 Park Row to F&C UK Property Fund for £9.3m. Bilfinger GVA and Langleys acted on behalf of Barmston; MC Associates advised the purchaser.
Waitrose site for Charles Street
Charles Street Buildings Group has forward-purchased a 52,000 sq ft Waitrose development on London Road in Worcester, West Midlands, from Opus Land for £20m – a 4.4% yield. Waitrose has prelet the scheme on a 20-year lease at £940,000 pa. Colliers International acted for Opus; Charles Street Buildings was unrepresented.
Cording completes Spanish buy
Brockton Capital and Dunedin Property have sold the Spanish portfolio of UK industrial estates to Cording Real Estate for £51m – a 9.25% yield. The six estates in England total 1.6m sq ft let to 77 tenants for £5m pa – or £3 per sq ft. Tudor Toone advised Cording; JLL advised the vendors.
Rushden Lakes to the Crown
The Crown Estate has bought the Rushden Lakes shopping centre in Northamptonshire, East Midlands, from LXB for around £70m – a 4.65% underlying overall yield. The Crown will fund future development costs. The site has planning consent for a 350,000 sq ft development. Neither party was represented.
Glasgow deal for Benson Elliot
Benson Elliot has bought 150 St Vincent Street in Glasgow from F&C REIT in an off-market deal. The firm paid just below the £16.5m asking price – a 7.4% yield. The office spans 71,400 sq ft over seven floors and is let to tenants including Allianz, JLL, Irwin Mitchell and Monster.com.
chris.berkin@estatesgzette.com
