The investment team at Naylors has sold two office buildings for the £1.2m asking price at Sunderland Enterprise Park.
The investment properties on 2 & 3 Colima Avenue have been obtained by a cartel of private investors represented by Bradley Hall for a private Self-Invested Personal Pension (SIPP).
Head of investment at Naylors, Fegus Laird 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.”
Mr. Laird continued: “Bradley Hall’s clients were able to offer the asking price and moved very swiftly to an early exchange of contracts”.
The high yielding investment properties comprise of two modern detached pavilion offices are divided to offer four self-contained offices, resulting in a total area of 16,534 sq ft on a 2.16 acre site. The offices benefit from a large car park with 70 spaces in total.
Existing occupiers include Temp-Team, Konica Minolta Business Solutions, CDI Credit Management and PhysioWorld. Naylors let a 2,300 sq ft office suite to PhysioWorld last year to provide a larger base for their expanding physiotherapy and rehabilitation clinic.
The well-established business park in Sunderland is located close to the city centre and Nissan UK. Major occupiers include Berghaus Ltd, TSB, Sunderland NHS and Sunderland city council.
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