Investment team acquires property in Tyneside business park
A Newcastle investment team has announced that it has acquired a North East business park property.
The investment team at Avison Young, Newcastle acting for LCN Euro Property Holdings (an overseas investment company) has secured the acquisition of Cobalt 23 at Cobalt Business Park, North Tyneside.
The vendor was a JV Partnership between Moorfield Group and Highbridge Properties.
Cobalt 23 is a freehold investment property comprising 126,000 sq ft of offices over five stories, all let to Sage PLC on a 15 year lease, expiring in December 2034.
The property includes the main building in Sage’s new headquarters campus being adjacent to Cobalt 22 which they also occupy, having relocated from Great North Park, Newcastle.
Other residents of the business park include P&G, Santander, Accenture, North Tyneside Council, EE, DXC Technology and Newcastle Building Society.
Simon Beanland, principal at Avison Young, commented: “Avison Young were pleased to buy this investment property which meets the requirements of our client, being well let to a secure undoubted covenant, Sage Group PLC for a minimum term of 10 years and a yield of 6 oer cent or greater.”
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