Adderstone Group completes Cobalt Park deal

Adderstone Group has completed the purchase of a 21,000 sq ft property on Cobalt Park which is currently occupied by Leeds Building Society.

Cobalt 7B is the company's second commercial acquisition in recent months in which the long-standing tenant is a financial institution after it recently bought The Rivergreen Centre at Aykley Heads in Durham; home of Atom Bank.

The site has been occupied by Leeds Building Society since 2016 when it signed up to a 15-year lease for the entire building. It is the mutual's largest base outside Yorkshire.

Adderstone Group's acquisitions in Q3 and Q4 2017 total more than £15m, with deals due to complete on a further £20m worth of assets in Q1 2018.

Gary Hudson, commercial estates director at Adderstone Group, said: "Cobalt is the largest office park in the UK. We are delighted to add this quality asset, occupied on a long-term lease by one of the largest lending societies in the UK, to our portfolio."

Cobalt Park is home to a number of blue-chip occupiers including Accenture, Hewlett Packard, P&G, IBM, Siemens and Santander.

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