City West Business Park, Durham – Sale

Connect Property have completed the sale of a Freehold, Multi let Hybrid mixed use office park close to Durham City Centre on Behalf of ESR.

The investment offered the opportunity for reversionary rents across 10 buildings totalling 1,583 m2 (17,042 sq ft) NIA. Passing net rents of £109,176.50 per annum and average rent of approximately £8.00 psf. A sale price of just under £1m was achieved reflects a Net Initial Yield of c8% NIY. Durham Group Estates Limited acquired the asset.   Andrew Wilkinson commented “ the market is not easy but the asset had opportunities to add value and provide long term growth and was sold in competition”.