Highcross acquires Preston offices

Highcross has acquired Midgery Court in Fulwood Business Park as part of a £9m deal with Northern Britain Property Partners.

The 48,708 sq ft property has offices across four buildings.

The acquisition was part of a portfolio totalling 118,806 sq ft and let to 27 tenants including Hewlett Packard, Lloyds Banking Group, Big Lottery Fund and Storeys SSP. The Berkshire-based company said the deal reflected a net initial yield of 12.53%.

As well as Midgery Court, Highcross acquired the 21,402 sq ft Carlton Tower located in Leeds city centre, Carbrook Business Park in Sheffield, comprising 10,047 sq ft in close proximity to the Meadowhall shopping centre, and the 38,863 sq ft Marina Court in Hull.

Richard Pellatt, director of Highcross' northern office, said: "The purchase represented an opportunity to acquire a quality office portfolio with a diverse regional spread and strong mix of tenants. The prime locations and building flexibility offer excellent opportunities for increasing occupancy and enhancing asset values. With over £200m of equity available for new purchases, we remain keen to acquire properties in established regional locations which provide active asset management angles."

Northern Britain Property Partners were advised by Ryden and Allsop.