Sterling Capitol sells two prime office assets at Capitol Park, Leeds

The Yorkshire property development and investment company Sterling Capitol has sold two office assets at Capitol Park in Leeds.

The value of the two transactions has not been disclosed. The first asset was the 4,862 sq ft 1 Sterling Way, occupied by Create Fertility, let on a new 10-year lease, was bought by Assura PLC, a specialist healthcare investor.

The second was 2 Sterling Court, the 7,000 sq ft home of Ideal Boilers, was recently regeared on a 10-year lease and acquired by Real Estate Investment Group, a family-owned property company with diversified portfolio across a number of sectors and asset classes.

The two deals were brokered by the Leeds office of global property consultancy Knight Frank.

Tom Brown, senior development surveyor at Sterling Capitol, explained: “We let and regeared the two properties in early 2022 to make the two investments as attractive as possible. We were delighted that we achieved in excess of our business plan valuations which shows there is still strong sentiment in the market for quality assets occupied by high calibre tenants.

“These two deals are part of our strategy of selling our non-core assets. Upon the successful execution of our business plan, Sterling’s strategy is to focus on the identification, promotion and development of strategic employment land along prime motorway junctions across Yorkshire and the North East” We have some extremely exciting plans in the pipeline, which will create much-needed business space and jobs for the region.”

Sterling Capitol has recently been granted permission by Leeds City Council to develop more than one million sq ft of employment land in Leeds, which will create 2,000 jobs.