47,398 sq ft Seaham office building sold for £3m

Spectrum 7 at Spectrum Business Park, Seaham, Co. Durham has been sold to a private investor.

Real estate firm, Avison Young, acted on behalf of the building’s trustees, 2007/2008 Regent Capital 7+8 Syndicate for the sale.

Spectrum 7 is a 47,398 sq. ft. (4402sq.m) grade A detached 3 storey office building, let to Great Annual Savings Company Ltd for a term of 15 years from June 2020, on a full repairing and insuring lease.

The tenant has invested £1.3m into fitting out of the building. The agreed purchase price was £3m, reflecting a yield of 8 per cent.

Paul Wellstead, developer of Spectrum Business Park commented: “Great Annual Saving’s new Sea View HQ in Spectrum 7 has set a new benchmark for the standard of fit out across the park. It is testament to the flexibility of Spectrum’s office space, providing a truly inspiring workplace for their employees.

“The investment will be a fantastic addition to the purchaser’s portfolio.”

Jamie Sim of Avison Young added: “‘Avison Young is delighted to have advised our client on the sale of this modern Grade A office to a private investor. The purchaser was drawn to the asset because of its attractive yield profile and excellent tenant fit-out’