The Tea Portfolio
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NorthCap has successfully sold a portfolio of business centres on behalf of Helix Property Limited.
The business centres are located within Middlesbrough and Stockton-on-Tees, providing 33,568 sq ft of office accommodation and 57,281 sq ft of industrial accommodation across three sites.
The properties include the CadCam Centre, Riverside Park, Middlesbrough, Queensway Business Centre, Cargo Fleet, Middlesbrough and Preston Farm Business Centre, Stockton-on-Tees.
The freehold multi let industrial and offices portfolio produces a net income of £349,442 with 97% of the industrial element let and 82.7% of the office accommodation fully let.
The initial rent is £110,000 per annum, subject to a rent review at year 5 to the higher of market rent or the initial rent multiplied by changes in the retail prices index (uncapped).
The properties were acquired for the asking price of £3.65m representing a Net Initial Yield of 7.8% after all outgoings, including staff costs.
Avison Young acted for the purchaser, a private investor.
