Standard Life Trustees has added to its investment in The Old Fire Station development in York.
Having acquired the ground and mezzanine floors of the office element of the mixed use project last year, the adjoining commercial unit has now been taken on.
It has been bought from city-based developer Helmsley Group and its joint venture partner in the scheme, London Ebor.
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The unit, to become a driving theory test centre, had a guide price of £460,000, which represented a net initial yield of 6.24 per cent.
Max Reeves, development director at Helmsley, said: “This latest commercial transaction at The Old Fire Station is further evidence that, despite the ongoing uncertainty brought by the Covid-19 pandemic and its impact on our working lives, investment and occupational appetite for quality office space continues unabated.
“We have been delighted with the positive impact The Old Fire Station has made to the central York property market and we look forward to 2022 with ongoing confidence.”
The building, which dates back to 1856 - having been built as a chapel prior to conversion to fire station in 1938 - also features 14 apartments and townhouses.
Richard Dunn, partner at Sanderson Weatherall, added: “The Old Fire Station continues to provide sound investment opportunities for our client, Standard Life.
“Despite the likelihood of hybrid working continuing, the dynamics of the York office market remain robust, with demand high.”
Matthew Tootell at Bowcliffe acted for the landlord on the letting to Reed In Partnership, signing a lease on behalf of the Driver and Vehicle Standards Agency. He said the building “offered a perfect solution for the DVSA, providing high quality accommodation with easy access to the city centre”.
Last year’s office space deal was sold off a guide price of £1.1 million on a 999-year lease. This suite is occupied by patent and trademark attorneys, Secerna.
