North Star has bought one of the best office buildings in Plymouth City Centre.
The leading property developer and investor has acquired Old Tree Court, located at 62 – 65 Bretonside, from Redefine Properties Ltd, a REIT (Real Estate Investment Trust) listed on the South African Stock Exchange.
The 62,000 sq ft building currently has leases with the Department for Communities and Local Government and Woollcombe Yonge LLP solicitors. Occupiers are now lined up for the remaining space and deals are currently in the legal process.
Plymouth was recently granted freeport status by the Chancellor of the Exchequer, Rishi Sunak. This means that different custom rules apply and Grade A office space like this building will be even more important in the expected jobs boom.
This acquisition is the first major deal North Star has been involved in outside of the home City of York, as the growing company looks to invest around the UK in residential and commercial projects.
A spokesperson for North Star commented: “We’ve been looking for exciting opportunities around the country for some time and this is a magnificent building in the heart of Plymouth that we also think we can add a lot of value to.
“Obviously the recent announcement of freeport status for Plymouth also gives us massive confidence in the future of the City and this building.”
The funding was arranged by Ice Cubed Property Finance, alongside Together. Tom Frank MD of Ice Cubed Property Finance commented: “This deal demonstrates that whilst there are challenges in the market, when there are willing and committed buyers and lenders, funding can be successfully delivered.”
Clarion acted as legal adviser on behalf of North Star.
