The Bonding Warehouse, which is one of two properties which have been acquired by the Helmsley Group
A YORK based property investment group has acquired two high profile city centre building including the £2.4 million riverside Bonding Warehouse and the York County Court premises.
The deals, totalling more than £4 million, has seen The Helmsley Group, based in Monks Cross, extend its syndicated property investment portfolio in the city.
After being put on the market in December last year, the Grade II listed Bonding Warehouse, off Skeldergate, was sold to The Helmsley Group by developer Grantside, which purchased the property in 2012 and converted it for commercial and residential use.
In a separate deal, The Helmsley Group has purchased the freehold of Piccadilly House, better known as the York County Court Building.
The property, in Piccadilly, is currently the subject of a 10-year lease to the Department of Communities and Local Government.
Ian McAndrew, director at The Helmsley Group, who is responsible for its syndicated property portfolio, said: "Both properties are valuable additions to our nationwide syndicated property portfolio.
"The properties will be held for long term investment for clients of the Helmsley Group.
"York is particularly popular for investment and we are delighted to have expanded our holdings in the city with these two new acquisitions."
The Bonding Warehouse is currently home to commercial tenants Anaplan, and Grantside, which will retain the property as its head office.
The historic building, which had been derelict since 2000 after being extensively damaged by flooding, is also home to four luxury penthouse apartments, which are all sold on long leases.
The 11,000sq ft Bonding Warehouse was built in 1875 when York was a commercial port. It was used by confectionary Rowntree's before being converted for use as a restaurant in the 1970's.
The renovation scheme also involved plans for a new footbridge over Terry Avenue leading to Skeldergate to allow access when the river is in flood.
Langleys Solicitors in York acted for The Helmsley Group on both acquisitions.
Tim Cross, partner at Langleys, said: "These two landmark buildings are among the best known in York city centre and a superb addition to Helmsley's portfolio. We were pleased to provide advice to secure these important acquisitions."
Specialising in syndicated investment properties, The Helmsley Group buys properties outright and provides syndicated opportunities for clients in buildings with blue-chip tenants, such as Nike or Boots, or government agencies on long-term leases.