GRE Properties have sold provincial office investments at 33-41 Newhall Street, Birmingham, and City Square House, Wellington Street, Leeds, for a total of £20m.
The Birmingham property was developed by GRE in 1987 and has been sold to Britannic Assurance for £9.4m — a yield of 3.6% with a review in December 1992. The 40,000-sq ft scheme was prelet to Deloitte Haskins & Sells. Stargas Nominees have acquired the 60,000-sq ft Leeds scheme for just under £11m. The deal on the rack-rented building is subject to an overriding leaseback to GRE on the basis of a 7.5% net initial yield.
City Square House was developed by GRE for their own occupation in 1982-83 and was part sublet to Peat Marwick McLintock. GRE were advised by Richard Ellis, while Debenham Tewson & Chinnocks represented Britannic. Weatherall Green & Smith acted for Stargas.
