Keighley office investment acquired in £4.75m deal

A three-story office building in Keighley, West Yorkshire, has been acquired in a deal worth £4.75m.

Carrick Real Estate, the commercial investment property advisor, and Azure Property Consultants sold the property to Ace Liberty and Stone PLC, which reflects a Net Initial Yield (N.I.Y) of 7.57%.

The office building, extending to 27,000 sq ft, is let to KONE PLC for a further 11 years at a rental income of £383k per annum.

Situated next to the main Kone PLC factory, the self-contained building is used as Kone’s main training centre and operations centre.

Steve Carrick, partner at Carrick Real Estate, commented: “There is a real lack of well let office investments in West Yorkshire and a lot of pent up demand.

“As such we had strong interest in the investment, which was then further bolstered by the KONE covenant and 11 years term certain.

“We are currently helping a number of investors across the county to dispose of investment assets,where they have completed their asset management programme and want to crystallise profit.”

Carrick Real Estate and Azure Property Consultants acted for private investors. Zaman Roberts acted for Ace Liberty and Stone PLC.

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