PROPERTY and land bank firm UK Land Estates has swelled the value of its portfolio to £160m by snapping up a major Newcastle landmark.
Aerial House, a 13,950sq ft building in City Road, gets its name due to the telecoms compound on the roof where Yorkshire Television has its aerial.
The three storey building is home to Public Access Terminals and Granada Properties.
Phil Moorin, investment director of UK Land Estates, said: "We are delighted to have made such a high quality acquisition which reflects the quality of business premises we have to offer in our portfolio.
"The purchase of Aerial House is part of our long-term strategy of acquiring and developing property which shows good return and prospects for growth in the future."
The acquisition will be managed by the company's in-house property team which is now responsible for a £160m portfolio of property.
UK Land Estates has undertaken a run of acquisitions in the North-East during the past nine months.
Other investments include Endeavour House, a 112,000sq ft office building at Doxford Park, in Sunderland, which is currently let to London Electricity as a call centre.
It further swelled the property bank when it took charge of Dukesway South, the former Bonas Machinery premises on the Team Valley, which is approximately 120,000sq ft.
Published: 09/09/2003
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