Topland has acquired National Grid's Northampton office Lakeside House, for £17.7 million (approx. 21.6 million) from CBRE's Tim Perkin and Thomas Webb acting as joint fixed LPA Receivers.
It follows just three weeks on from the acquisition of The Royal Crescent hotel in Bath. Topland has yet again purchased for cash in continuance of its aims to deploy its significant reserves.
Sol Zakay, Topland Group Chairman, said: "This acquisition further emphasizes the appetite Topland has to increase its real estate portfolio this year. Do not be surprised to see further announcements in the weeks ahead as Topland continues its cash buying strategy."
Located on The Lakes, Northampton's premier business park, Lakeside House is a 101,223 ft² (approx. 9,400 m²) modern office. The four-story building was built as the headquarters of Scottish & Newcastle. It is now let to National Grid Plc on a 10-year term.
Clive Bush, Topland's Managing Director - Operations, said: "We will be working with National Grid, who wish to vacate the property, to secure a new tenant who requires a headquarters building built to a very high standard. The attractive purchase price enables us to restructure the transaction and offer an incoming tenant very competitive terms."
Osborne Clarke acted for Topland while Mayer Brown acted for the joint fixed LPA Receivers.