Topland, led by billionaire Sol Zakay, has tapped into what it describes as the 'buoyant' regional investment market in the UK with a trio of disposals.

Topland, led by billionaire Sol Zakay, has tapped into what it describes as the 'buoyant' regional investment market in the UK with a trio of disposals.

The volume for the sales came close to £36 mln (€44 mln).

In the East Midlands, London-based Topland has sold Lakeside House in Northampton to Valad Europe for £20.85 mln, representing a yield of 8.4%. The former UK headquarters of Scottish & Newcastle is let on a single lease, subject to fixed rental increases, to listed utility group National Grid until 2027, with a tenant break in 2022.

Topland sold Langage Office Campus, Plymouth after increasing the lease held by mobile operator Everything Everywhere (EE) to 15 years. The campus comprises three modern offices built in 2000 providing over 5,600 m2 of office accommodation. The property was sold to Oval Real Estate in 10 working days after going under offer. Sale details were not disclosed.

Also in the South West, Topland has sold Woodfield House & Riverside Chambers, Castle Street, Taunton to clients of CCLA for £4.9 mln. The two offices are fully let to the government until March 2016 with occupiers including the Crown Prosecution Service and the Charities Commission. Topland acquired the properties in December 2012 for £3.6 mln.

Topland managing director Mark Kingston said: 'These transactions vindicate our early contra-cyclical decision to back regional investment. Active management and improving regional economies have delivered strong returns for Topland. This is a pattern you can expect to see with further regional sales. The proceeds of sales will be recycled for future acquisitions.'

On Lakeside House Topland was advised by Strutt & Parker and Valad was advised by BNP Paribas. In Taunton Topland was advised by Savills while the purchaser was advised by Deloitte.