Member Article

Private investment syndicate acquires Sunderland Enterprise Park space for £1.2m

The investment team at Newcastle-based Naylors, the Commercial and industrial property agent, sold the two properties, 2 & 3 Colima Avenue, to a syndicate of private investors. Gosforth chartered surveyors Bradley Hall represented the syndicate.

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.

Fergus Laird, head of investment at Naylors 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”.