Backed by investment

Underpinning the positive view of the office market in the region is the steady flow of investment transactions.

In the largest deal for years, a fund managed by the investment manager Orion Capital Managers has bought a 50% stake in 43,663 sq.metres (470,000 sq.ft.) White Rose Office Park for around £130 million from Munroe K.

The transaction comes at a time when Munroe K is planning to expand the 27 acre park, which is three miles from Leeds city centre, with a 2,787 sq.metres (30,000 sq.ft.) office building and extended conference facilities.

David Aspin of Munroe K said: “The acquisition by Orion underscores my belief in the future of the park and gives us one of the truly forward thinking fund managers to partner, further manage and develop the business park.” There is one small office suite to let at the park, which has a number of blue chip tenants such as HSBC, O2 and the WSP Group.

Landing on Pegasus

Colliers has joined Fisher Hargreaves Proctor in marketing the expansion of Pegasus Business Park, a venture of East Midlands Airport and MAG Developments.

The 20,903 sq.metres (225,000 sq.ft.) office park will have a new 216 bedroom Radisson Blu hotel later this year and has another 25 acres available for high class offices. FHP’s John Proctor said: “When it was launched, the park proved to be highly successful and it remains one of the biggest in the region, but, in terms of the regional office market, it has slipped from the mind’s eye somewhat.” He suggested a new promotional campaign will work now the park has a new hotel adding to the attractions of being equidistant between the three major conurbations in the East Midlands.