Sol Zakay’s Topland Group has sold the Royal Mail regional centre in Plymouth to the city’s council for £19m.
The property is let to Royal Mail Group for 15 years at £1.2m pa.
The centre comprises three separate buildings: a purpose-built sorting/delivery office; a call centre; and a vehicle maintenance unit totalling 199,130 sq ft.
William Davies at Topland Group said: “This was an excellent sales process and followed our negotiation and re-gear of the Royal Mail lease”
Neil Dovey, head of transactions and capital markets at GVA, added: “The pricing achieved is indicative of the level of demand for long term secure income streams, particularly from local authorities, private investors and institutions.”
Topland Group last week received planning permission for a 40 unit residential scheme at Bar Hill in Cambridge. The scheme comprises 27 flats and 13 houses and Topland is now preparing to build out the scheme.
Sol Zakay, chairman of Topland Group, said: “Both these projects demonstrate our ability to asset manage our properties and achieve added value. Our planning consent in Cambridge was achieved on surplus land from one of our hotels which we identified as a value-add opportunity.”
GVA acted on behalf of Topland; Plymouth City Council was advised by JLL.
To send feedback, e-mail amber.rolt@egi.co.uk or tweet @AmberRoltEG or @estatesgazette
