As part of its active asset management strategy Topland has taken advantage of increasingly buoyant local markets and has sold a hat-trick of investments from its regional portfolio for close to £36 mln (approx. €44 mln).
In the East Midlands, Topland led by billionaire Sol Zakay, has sold Lakeside House in Northampton to Valad for £20.85 mln (approx. €25.5 million) representing a yield of 8.4%. The former UK headquarters of Scottish & Newcastle is on Northampton’s premier business park and is let on a single lease subject to fixed rental increases to National Grid until 2027 with a tenant break in 2022.
Following a successful re-gear of the lease to Everything Everywhere (EE) which increased the term to 15 years at Langage Office Campus, Plymouth Topland has now sold the property. It comprises of three modern offices built in 2000 providing over 60,000 ft² (approx. 5,574 m²) of office accommodation. The property was sold to Oval Real Estate in 10 working days after going under offer. Sale details were not disclosed.
Also in the South West Topland has sold Woodfield House & Riverside Chambers, Castle Street, Taunton to clients of CCLA for £4.9 mln. The two offices are fully let to the Government until March 2016 with occupiers including the Crown Prosecution Service and the Charities Commission. Topland acquired the properties in December 2012 for £3.6 mln.
Topland managing director Mark Kingston said: “These transactions vindicate our early contra-cyclical decision to back regional investment. Active management and improving regional economies have delivered strong returns for Topland. This is a pattern you can expect to see with further regional sales. The proceeds of sales will be recycled for future acquisitions.”
On Lakeside House Topland was advised by Strutt & Parker and Valad was advised by BNP Paribas. In Taunton Topland was advised by Savills with the purchaser was advised by Deloitte.
Source: Topland
