Manchester's Hurstwood Holdings acquires 100,000 sq ft office in Newcastle
Manchester-based property investment and development company, Hurstwood Holdings has boosted its commerical portfolio to £150m following the acquisition of a 100,000 sq ft office building on Quorum Business Park, Newcastle.
Hurstwood acquired the building, which is let in part to callcentre operator, Sitel, for £4.8m, reflecting a net initial yield of circa 10 per cent.
Hurstwood plans to refurbish the remaining 48,000 sq ft to provide suites ranging in size from 5,000 sq ft - 25,000 sq ft, which will appeal to the local business community. Stephen Ashworth, chairman of Hurstwood Holdings, said: “Q4 is one of our largest acquisitions to date and is one of many properties Hurstwood has invested in over the last 12 months.
“We are confident that our plans to improve the offering in the building and provide flexible accommodation will appeal to the local businesses of Newcastle-Upon-Tyne.”
Stephen added: “This recent acquisition takes Hurstwood Holdings assets to a value of more than £150m across 100 sites nationwide from Edinburgh to Swindon and we are delighted to add Newcastle to our network of cities.
“We pride ourselves on providing a first class service to our 600+ clients nationwide and are constantly looking for further opportunities as part of our continued growth strategy.”
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