Yorkshire office portfolio is sold for £12.1m

Scarborough International Properties Limited (SIPL), the real estate developer, has completed the sale of two office buildings at Thorpe Park, in Leeds to a charitable trust, for a combined price of £12.1m.

Tuesday, 21st August 2018, 10:07 am
Updated Tuesday, 21st August 2018, 10:10 am
Scarborough International Properties has completed the sale of two office buildings at Thorpe Park in Leeds

The two, three storey Grade A buildings provide a combined total of 52,845 sq ft of offices with car parking. They have been let to tenants including BAM Construction, Duchy Homes and Jelf.

SIPL has also completed its third letting at Paradigm, the first speculative Grade A office building delivered as part of the second phase of development at Thorpe Park, with a 2,550 sq ft letting to Renew Holdings, who have taken a 10-year lease.

Renew join Pure Retirement and Wates Construction in the building, leaving just one suite unoccupied.

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Thorpe Park has 800,000 sq ft of development already built and occupied, including 600,000 sq ft of offices.

A £162 million investment deal with Legal & General Capital in 2015 secured a 1.35 million sq ft mixed-use second phase.

Phase two includes the 350,000 sq ft retail and leisure park as well as a further 900,000 sq ft of Grade A office accommodation, 300 residential homes by Redrow and a 113-acre public park with sports facilities.

Phase two also supports the delivery of the first section of the East Leeds Orbital Road. This road will unlock land that can be used to build up to 7,000 homes in the East Leeds area.

Paul Holcroft of Scarborough International Properties, said: “Following the other recent sales at Thorpe Park, the level of interest and price achieved for these buildings is evidence of the demand for prime office assets at Thorpe Park in Leeds.

“The quality of the scheme continues to attract occupiers who recognise the importance of The Springs amenity and welfare provisions on offer, helping them attract and retain the highest quality staff.”

Knight Frank acted for Scarborough, the Charitable Trust were unrepresented.