Member Article

£3m Cleveland Business Centre put on the market

Middlesbrough-based town centre office development the Cleveland Business Centre has been put on the market for £3m.

The Centre, which underwent a £1m refurbishment last year, is almost fully let with 32 of its 34 units currently occupied.

On the market with Eddisons, the business centre’s £2.95m price tag reflects a yield of 11 per cent on a ‘triple net’ annual rental income of £336,000.

The centre covers 31,700 sq ft over three floors and is home to a roll call of professional firms, including lawyers such as Irwin Mitchell, barristers’ chambers and specialist recruitment companies.

Steven Jones, a director in Eddisons’ agency division said: “Cleveland Business Centre is a real success story that has given a boost to Middlesbrough’s fast developing economy.

“Following its refurbishment, in the space of just a few months it has gone from having only ten tenants to being almost fully let, bringing hundreds of jobs to the town in the process.”

He added: “As Middlesbrough’s digital and knowledge economy continues to go from strength to strength, demand for high quality serviced office accommodation, which fits the bill so perfectly for dynamic smaller businesses, looks set to escalate rapidly.

“Eddisons is seeing a growing demand for our services on Teesside and we expect Cleveland Business Centre to generate a great deal of interest among investors .”