Investment Agency sells office buildings for asking price of £1.2m
Our Investment Agency team has sold two office buildings at Sunderland Enterprise Park for the asking price of £1.2m.
The high yielding investment properties, 2 & 3 Colima Avenue, have been acquired by a syndicate of private investors represented by Bradley Hall for a private Self-Invested Personal Pension (SIPP).
Fergus Laird, Naylors’ head of investment said “We are delighted with the outcome of this sale. Having bought the property in the depths of the last recession, where the office market in Sunderland was particularly adversely affected, our client’s faith in the scheme has paid off. We were able to asset manage the development in-house by letting vacant units and re-gearing leases with current occupiers. We were still able to sell at a very attractive yield for the purchaser at in excess of 10% – and left further asset management opportunities for them to take advantage of.
Fergus continued “Bradley Hall’s clients were able to offer the asking price and moved very swiftly to an early exchange of contracts”.
The properties comprise two modern, detached pavilion offices, each divided to offer four self-contained ‘own front door’ offices, with a total area of 16,534sqft on a 2.16 acre site. The offices benefit from a generous car parking ratio with 70 spaces in total.
Existing occupiers include Temp-Team, Konica Minolta Business Solutions, CDI Credit Management and PhysioWorld. Our Office Agency team let a 2,300sqft office suite to PhysioWorld last year to provide a larger base for their expanding physiotherapy and rehabilitation clinic.
Sunderland Enterprise Park is a well-established business park located close to Sunderland city centre and Nissan UK. The park is home to major occupiers including Berghaus Ltd, TSB, Sunderland NHS and Sunderland city council.