HMRC, Waterside House, Sunderland Enterprise Park, Sunderland
The subject property was acquired on behalf of Topland Group of Companies and comprises a single let office building extending to 37,110 sq ft.
The property is located on an established business park in Sunderland within close proximity to the A19. Surrounding tenants include Balfour Beatty, Berghaus, Royal Mail and Fusion.
The property is let to the Secretary of State on a 15 year lease from November 2001. The property was acquired for £3.375M reflecting a net initial yield of circa 12.50%.
On the deal Douglas Cranston remarked, “Where debt raising for medium term income is almost impossible, particularly for larger lot sizes, the weight of cash available to acquire stock of this nature is at a premium. This affords cash buyers the opportunity to secure Government income for ‘double digit’ yields”.
For further information please contact Andrew Tucker.