Australian property firm snaps up 128 apartments in Barnsley mixed-use scheme

Quest Property Ltd has announced the sale of 128 apartments in South Yorkshire to an Australian property fund.

The Barnsley-based property firm has sold the apartments, which are part of the Gateway Plaza mixed-use development, to Australian firm L1 Property for an undisclosed sum.

Comprising 188 apartments in total, the mixed-use scheme also features 90,000 sq.ft of office space, and a 110-bedroom Premier Inn Hotel, a 550-space multi-storey car park and ancillary retail, bars, restaurants, medical and dental facilities.

Jason Brook, CEO of Quest Property, said: “We are delighted that we have been able to attract a substantial international property investor in L1 to invest in Gateway Plaza.

“Our strategy was always to divest our own substantial investment here, although we are retaining an interest in the car park and commercial units for which we have additional investment plans in 2020. As a developer our interests are in trading property as opposed to long term investment.

Hannah Badger, associate in the residential capital markets team at Knight Frank - who advised Gateway Plaza on the transaction - added: “Quest Property has disposed of this first-class asset on a leasehold basis.

“The fact that Gateway Plaza was purchased without the benefit of the freehold not only demonstrates the quality of the product, but also the strong demand for stabilised residential-led investments in Barnsley, and overall ongoing confidence in South Yorkshire’s investment market.

“Gateway Plaza is one of the best rental products in Barnsley and the wider city region, given its excellent location for commuters with quick connections to many of Yorkshire’s major cities – including Leeds, Sheffield and Manchester.”