Market buoyant as Scarborough completes office buildings sale
TWO BUILDINGS at a major office development in Leeds have gained new owners, in a further sign that the city’s commercial property market remains buoyant.
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.
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 joins Pure Retirement and Wates Construction in the building, leaving just one suite unoccupied. Thorpe Park has 800,000 sq ft of development already built and occupied, including 600,000 sq ft of offices.
A £162m investment deal with Legal & General Capital in 2015 secured a 1.35 million sq ft mixeduse second phase. Phase two includes the 350,000 sq ft retail and leisure park.
Paul Holcroft, of Scarborough International Properties, said yesterday: “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.”
Phase two also supports the delivery of the first section of the East Leeds orbital road. Knight Frank acted for Scarborough in connection with the Thorpe Park disposals.