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Investment News
Acting on behalf of James Hay Trustee’s, FHP are pleased to announce they have completed the sale of 2 Carolina Court, Lakeside, Doncaster.
The property comprises a pavilion style building erected in 2000/2001 and forms part of a larger out of town office development. The property is excellently located being less than 5 minutes drive time from J3 of the M18 and approximately 3 – 4 miles due west of Doncaster town centre. Nearby occupiers include BT Call Centre, EWS Customer Care Operation, Network Rail, Thales Telecom Services and Clyde Materials Handling.
The property which has accommodation arranged on ground and one upper floor is let in its entirety to Grant Rail on a 20 year lease from 2001 expiring 2021 with tenants break clause in 2016 thus having approximately 9 years unexpired.
The rent was reviewed in 2006 to a figure of £82,728 per annum which equated £13.00 per ft2. The purchase price achieved was £1,187,500 to show a yield of some 6.59% after costs.
Noel Roper comments “We were delighted to effect a sale on behalf of a private pension fund. This just shows that there is still a good investment market out there with extremely well let, good commercial office investments where there are prospects for rental growth”.
Robert Alston of Cushman & Wakefield acted on behalf of the purchasers, Central Midlands Estates.