One of Leicester’s top office complexes has been sold in a £21 million deal.
Colton Square, a two building complex close to the city’s railway station, has been bought by real estate investment firm Maya Capital.
It was built 13 years ago on the site of the former Charles Street police station, and is located on the city’s inner ring road on the edge of Leicester’s Cultural Quarter.
The eight tenants include the Freeths and Shakespeare Martineau law firms, Berkeley Insurance, Growth Partners Plc and .
The 107,000 sq ft development, which incorporated much of the existing police station, was built at a cost of £20 million.
David Pralong, managing partner of London-based Maya Capital, said the investment was part of a strategy of targeting office assets outside London, which is expected to hit £100 million by the end of 2020.
He said: “We are delighted to acquire this property, one of best assets in Leicester, for what we believe is a good price.
“This achievement is the result of our stock picking methodology, which rigorously selects the best assets to create value for our investors.
“The outcome of last week’s general election brings with it a greater degree of certainty.
“We therefore remain keenly focused on the UK regions where we continue to see substantial investment opportunity.
“A combination of high yields and low market vacancy rates means that regional investments still compare favourably to London. We expect to acquire further high-quality assets in the coming months.”
Maya said the investment represented a net initial yield of more than eight per cent and a capital value below £200 per sq ft.
