News

Date

31/03/2004

Shepherd Developments achieves one of York's largest office lettings

Shepherd Developments has let Stuart House on Hospital Fields Road, York to Corries Solicitors. The building comprises in excess of 37,000 Ft² (3,400 M²) over 3 floors and was speculatively developed to a high specification with raised floors, comfort cooling and feature entrance and lighting, and was completed in late summer last year. The building has been let on three separate 15-year leases with differing break clauses, at a rent of £14.75 per square foot. The property has been sold to Allied Dunbar Assurance Plc for a price of £6.73m reflecting an initial yield of 7.73%.

Nick Child, Director of Shepherd Developments commented: "We are delighted to have achieved a single letting of the whole building to a prestigious tenant and this represents one of the largest office lettings in York for a number of years. We are also especially pleased at how quickly the building attracted a tenant and an investor - purchaser. It all adds up to a significant vote of confidence in the York commercial property market."

Bruce Corrie, Chairman of Corries Solicitors added: "We are equally pleased to have found such a prestigious and flexible new home for our business, which was established in York and has grown from strength to strength with a further office in Glasgow. This business, which is a Top Legal 500 Firm, now employs over 230 staff and we will be moving from four offices in York to be all under one roof with expansion space for future envisaged growth."

Main Contractor for the scheme was Shepherd Developments' sister company, Shepherd Construction. Letting agents for Shepherd Developments were Knight Frank and Lawrence Hannah & Skelton and the sale was advised by Smith & Company with Brackenridge Hanson & Tate advising Allied Dunbar.