Property developer and investor North Star has bought a Plymouth office building, its first acquisition outside of York.
The company 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 is currently home to the Department for Communities and Local Government and Woollcombe Yonge solicitors. Occupiers are now being lined up for the remaining space and deals are currently in the legal process.
The acquisition is the first major deal North Star has been involved in outside of its home city of York, as it seeks to invest around the UK in residential and commercial projects.
A spokesperson for North Star said: “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, managing director at Ice Cubed Property Finance, added: “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.
