Yorkshire property investor gears up for “exciting” development set to create 2,000 jobs

Yorkshire property development and investment company Sterling Capitol has sold two “prime” office assets at Capitol Park, Leeds. The two deals were brokered by the Leeds office of global property consultancy Knight Frank.

The value of the two transactions has not been disclosed. The first asset was the 4,862 sq ft 1 Sterling Way, occupied by Create Fertility, let on a new 10-year lease, was bought by Assura PLC, a specialist healthcare investor.

The second was 2 Sterling Court, the 7,000 sq ft home of Ideal Boilers, which was recently regeared on a 10-year lease and acquired by Real Estate Investment Group, a family-owned property company with diversified portfolio across a number of different sectors and asset classes.

Tom Brown, senior development surveyor at Sterling Capitol, explained: “We let and regeared the two properties in early 2022 to make the two investments as attractive as possible.

“We were delighted that we achieved in excess of our business plan valuations which shows there is still strong sentiment in the market for quality assets occupied by high calibre tenants. These two deals are part of our strategy of selling our non-core assets.

“Upon the successful execution of our business plan, Sterling’s strategy is to focus on the identification, promotion and development of strategic employment land along prime motorway junctions across Yorkshire and the North East.

“We have some extremely exciting plans in the pipeline, which will create much-needed business space and jobs for the region.”

In particular, Sterling Capitol has recently been given the go ahead by Leeds City Council to develop more than one million sq ft of employment land in Leeds, which will create 2,000 jobs. The site is adjacent to Capitol Park Leeds, by Junction 28 of the M62.

The high-profile development, featuring high-specification logistics and advanced manufacturing units, will be partly speculatively developed in conjunction with developers PLP. Capitol Park is home to a number of high-profile occupiers, including Hermes, Barratt Homes, the Village Hotel and Depuy, as well as Create Fertility and Ideal Heating.

Corinne Travis of Knight Frank, who advised Sterling Capitol, added: “It is fitting that two of the most significant out-of-town sales at the end of last year (2022) took place at Capitol Park, Leeds, one of the first, and best, business parks in the county, capturing the conurbations of both Leeds and Wakefield.”

By Matthew Neville – Senior Correspondent, Bdaily

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