The northern focused development company, Sterling Capitol, has raised more than £7m through the sale of three of its Yorkshire assets.
All three transactions were brokered by the Leeds office of Knight Frank and undertaken to allow the developer, chaired by Sir Bob Murray, to concentrate on its “exciting plans” for the three business parks it owns across the county.
The two-deal disposal involved the £3.6m sale of a 33,000 sq ft industrial unit, currently leased by the power station operating company Drax, to CBRE Investors. Sterling also sold its share in the Capitol Court office building and eight hybrid units at Capitol Park, in Barnsley, for £3.5m to the pan-European investment manager M7 Real Estate.
“These are important deals for us, as they allow us to concentrate on future developments at all three of our business parks at Leeds, Barnsley and Goole,” explained Sterling spokesman, Mike Heydecke.
“We have some extremely exciting plans in the pipeline, which will create much-needed business space and jobs in both West and South Yorkshire.”
He said Sterling’s Capitol Park had been a tremendous success and recent lettings and deals had taken it beyond the phase one 1,500 jobs target. “It is one of the brightest stars of the Yorkshire out-of-town business park market and continues to attract first-class tenants. We are looking to build on this success,” added Heydecke.
“As a company, we are extremely proud of what we have achieved at all three business parks. Job creation is at the heart of our plans and we have developed three of the most impressive business parks in Yorkshire, with an excellent mix of tenants and facilities.”
Head of investment at Knight Frank in Leeds, Henrie Westlake, claimed: “These are the most significant investment deals in Yorkshire so far this year and they graphically illustrate that the region continues to be popular with investors and underline that well-located assets, with proven occupiers on long-leases, will always prove attractive.”
Sterling Capitol was formed by Sir Bob Murray and Martin Croxen in the early 1990s and quickly established itself as one of the most accomplished and effective property development companies in the north of England. It was set up to deliver a unique strategy of high-quality Capitol Park-branded business parks, which remain in freehold ownership and deliver long-term growth.
Sterling Capitol Leeds, Sterling Capitol Barnsley and Sterling Capitol Goole have so far generated more than 3,500 jobs through key tenants that include Tesco, the Guardian Media Group, Carlsberg-Tetley, de Vere Village Hotels and the National Health Service.
