Scarborough disposes of £12.1m office portfolio

Thorpe Park , Leeds

Scarborough International Properties Limited (SIPL), the UK and international real estate developer, has completed the sale of two office buildings at Thorpe Park, Leeds to a Charitable Trust, for a combined price of £12.1m.

The two, three storey Grade A buildings constructed in 2004, provide a combined total of 52,845 sq ft of offices with generous car parking, let to tenants including BAM Construction, Duchy Homes and Jelf.

Knight Frank acted for Scarborough, the Charitable Trust were unrepresented.

SIPL has also completed its third letting at Paradigm, the first speculative Grade A office building delivered as part of the phase two development at Thorpe Park, Leeds, with a 2,550 sq ft letting to Renew Holdings who have taken a 10-year lease. Renew join Pure Retirement and Wates Construction, leaving just one suite remaining in the building.

In a prime location overlooking Junction 46 of the M1, Thorpe Park, Leeds is an established business location with 800,000 sq ft of development already built and occupied, including 600,000 sq ft of offices.

A unique £162m investment deal with Legal & General Capital in 2015 secured a transformational 1.35 million sq ft mixed-use second phase, bringing forward exceptional new business opportunities to the Leeds City Region.

Phase two includes the 350,000 sq ft retail and leisure park as well as a further 900,000 sq ft of Grade A office accommodation, 300 new residential homes by Redrow and a 113-acre public park with sports facilities.

Phase two also enables the delivery of the first section of the ‘East Leeds Orbital Road’, a key piece of infrastructure connecting north and east Leeds to Junction 46 of the M1. This road will unlock land for the construction of up to 7,000 new homes in the East Leeds area, land that is either already allocated in the Local Plan or which is “brownfield”’ land.

Paul Holcroft of Scarborough International Properties, said: “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 at Thorpe Park Leeds.

“The quality of the scheme continues to attract occupiers who recognise the importance of The Springs amenity and welfare provisions on offer, helping them attract and retain the highest quality staff.”

 

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