Offices in Leeds and Sheffield are snapped up in £26.5m deal

Regional REIT, the regional office specialist, has completed the acquisition of a portfolio of three offices in Yorkshire from clients of Commercial Estates Group (CEG), for a combined purchase price of £26.5m
Greg Wright
By Greg Wright
Published 8th Jul 2022, 07:20 BST

Cushman & Wakefield advised Regional REIT’s Asset Manager, London and Scottish Property Investment Management (LSPIM), throughout the acquisition.

The assets are One Northbank in Sheffield, 84 Albion Street in Leeds city centre, and Building 1175 at Thorpe Park, Leeds.

Read More
Historic Victorian building in Hipperholme up for auction with £120,000 guide pr...
Regional REIT, the regional office specialist, has completed the acquisition of a portfolio of three offices in Yorkshire from clients of Commercial Estates Group (CEG), for a combined purchase price of £26.5m. They include Building 1175 at Thorpe Park, Leeds.Regional REIT, the regional office specialist, has completed the acquisition of a portfolio of three offices in Yorkshire from clients of Commercial Estates Group (CEG), for a combined purchase price of £26.5m. They include Building 1175 at Thorpe Park, Leeds.
Regional REIT, the regional office specialist, has completed the acquisition of a portfolio of three offices in Yorkshire from clients of Commercial Estates Group (CEG), for a combined purchase price of £26.5m. They include Building 1175 at Thorpe Park, Leeds.
Hide Ad
Hide Ad

Richard Brooke, Partner in Cushman & Wakefield’s Capital Markets team, said: “We are delighted to have advised LSPIM on this off-market acquisition. The Yorkshire office market remains undersupplied in quality office accommodation. With all these buildings benefitting from recent refurbishments, they offer attractive spaces for occupiers in their respective markets, and we are confident that they will perform well for Regional REIT.”

Stephen Inglis, CEO of LSPIM, the Asset Manager of Regional REIT, commented: “The three acquired assets announced today are high-quality and well-located buildings in core cities, purchased at a strong accretive blended yield of 8.0%. All are leased to high calibre tenants in a growth region of the UK where we are keen to increase the portfolio's exposure. The assets also provide us with compelling opportunities to drive further value through asset management activity, whilst delivering attractive income streams.”

Nick Barker, Acquisitions Manager at CEG, said: “Having successfully secured a number of high-profile tenants across the three assets, we were pleased to dispose of them to Regional REIT ahead of our business plan. The receipts will be invested into ongoing CapEx to improve our wider office holdings across the country, as we continue to create exceptional workspaces for our customers.”

Related topics:SheffieldLeedsYorkshire