The Topland Group has purchased three office buildings in Bristol, Harlow and Stevenage for a total of £11.8 million (approx. 15 million), which added to its recent acquisition of Cardiff's Capital Tower brings its total investment in just four weeks to over £24 million.
In Bristol, the 13,095 m² Whitefriars Building, located on Lewins Mead in the center of the city, has been bought from CBRE Investors for £6.5 million, reflecting a net initial yield in excess of 20%. The building's occupiers include Bristol PCT and Zurich Insurance.
In addition, Pageant House on Harlow Business Park in Harlow has been acquired for £4 million, from a private client of Makins Moore reflecting a net initial yield of 9.4%. The 3,121 m² building is let to Santander UK.
Finally, Topland has also acquired Wiltron House on Rutherford Close in Stevenage from Grant Thornton (acting as receivers) for £1.3 million. The 2,913 m² premises is let to Anritsu Ltd until July 2014.
These purchases follow on from Topland's £12.35 million acquisition of Capital Tower in Cardiff, Wales' tallest building, and brings a total of 34,373 m² of newly acquired office space into the Topland portfolio.
Clive Bush, Managing Director Operations at Topland Group, said: "With these purchases, and that of Capital Tower Cardiff, we have now completed 400,000 ft² of acquisitions over four buildings in the past month.
"We are taking a long-term view on these assets despite the short income streams as we believe they represent value for money despite the difficult occupational market in the regions."
GVA advised Topland Group on the Bristol and Harlow acquisitions, while Lewis & Partners represented the firm in the Stevenage purchase. CBRE acted on behalf of CBRE Investors, Finn & Co advised Grant Thornton.
Source: MJ2 Ltd