Edward Symmons has been appointed as receiver for 11 office buildings at the 1.8m sq ft Thorpe Park in Leeds.
Owner Markland Thorpe Park Limited has breached its covenants, leading to the 11 buildings, totalling 180,000 sq ft, being put into receivership.
The properties are valued at about £30m. Total Gas & Power, IBM, construction firm Vinci and WS Atkins are tenants.
Before putting the assets up for sale, Edward Symmons will hold them for the medium term and undertake asset management initiatives to improve the value of the properties and get best value for the consortium of lenders.
Robert Stokely, partner at Edward Symmons, said: “We will be utilising our combined asset management and agency expertise to add value to the lending consortium’s investment at Thorpe Park.
“We are confident of the value that strategic asset management initiatives can add here – specifically refurbishment, intensive and targeted marketing and regearing of existing leases.”
nick.whitten@estatesgazette.com
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