Fountain Street office sold for nearly £10m

The Wakefield Property Partnership has sold 42-44 Fountain Street, let to Rentalcars.com, to BMO Real Estate Partners for £9.86m, a yield of 5.75%.

OBI Property represented Wakefield on the deal, and Leeds-based Wilton Developments advised on the refurbishment and asset management.

The seven-storey building totals 24,750 sq ft. The six upper floors of offices are let to Rentalcars, while the ground floor unit is being marketed for leisure use. Capita represented BMO.

Jason Stowe, managing director of Wilton Developments, said: “We initially acquired the building with the residue of a long lease, we identified the building was suitable for a comprehensive refurbishment and reimagining which we have undertaken on behalf of Wakefield Property Partnership. We are pleased with the results which have been further endorsed by the swift letting to Rentalcars.com and the investment sale to BMO which we are announcing today.”