The Helmsley Group has extended its syndicated property investment portfolio with the acquisitions of two commercial properties in York, totalling more than £4m.
The York-based investor has completed the purchase of the iconic, Grade II listed Bonding Warehouse, off Skeldergate, on behalf of a syndicate of investors, from developer Grantside.
It has also purchased the freehold of Piccadilly House, better known as the York County Court building.
Langleys Solicitors in York acted for The Helmsley Group on both acquisitions.
The 11,000 sq ft Bonding Warehouse was built in 1875 when York was a commercial port. It was used by confectioner Rowntree’s before conversion for restaurant use in the 1970s.
It was purchased by Grantside in 2012 and converted for commercial and residential use. Current commercial tenants include Anaplan and Grantside, which will retain the property as its head office.
Bonding Warehouse also contains four luxury penthouse apartments, all sold on long leases.
The scheme involves plans for a new footbridge over Terry Avenue leading to Skeldergate to allow access when the river is in flood.
In a separate deal, The Helmsley Group has acquired the freehold of Piccadilly House, which is currently the subject of a 10-year lease to the Department of Communities and Local Government.
Ian McAndrew, director at The Helmsley Group responsible for its syndicated property portfolio, said: “Both properties are valuable additions to our nationwide syndicated property portfolio. The properties will be held for long term investment for clients of the Helmsley Group. York is particularly popular for investment and we are delighted to have expanded our holdings in the City with these two new acquisitions”
Tim Cross, partner at Langleys, said: “These two landmark buildings are among the best known in York city centre and a superb addition to Helmsley’s portfolio. We were pleased to provide advice to secure these important acquisitions.”