Former Aviva office in York bought with HIG debt funding
October, 2016. Yorkshire Ventures, together with Hobart Partners completed the purchase of the former Aviva offices in York city centre. Acquisition debt funding provided by HIG Capital.
The firm’s development arm Yorkshire House Development One Ltd revealed plans to transform the building into a Malmaison hotel back in July and a planning application has been lodged with City of York Council. If successful, the Yorkshire House building will be converted into a 124-bed hotel and 49 serviced suites. Both parties have signed the agreement for lease.
Hobart Partners structured and arranged the acquisition capital. Additionally, Hobart Partners are seeking development financing to forward fund the development.
Richard Jackson, Chairman of Yorkshire Ventures said:
“We are pleased to have purchased Yorkshire House, which brings our proposals to regenerate this building into an iconic lifestyle hotel brand, one step closer to reality. The proposals will deliver a significant boost to the local economy, creating new jobs once operational and during construction. The development will enhance and transform this key gateway into the city.”