King Sturge advises on letting and sale of office bulding in Teesside
18 March 2008
Evolution, a new high specification office development at Wynyard Park
A team approach by the Newcastle Office Agency and Investment departments have advised property development company, Strategic Sites, in the letting and subsequent sale of their office building at Wynyard Business Park in Teesside.
King Sturge acted on behalf of Strategic Sites in the letting of the new two-storey office building to Tilly Bailey & Irvine Solicitors on a 10 year lease last autumn, and subsequently advised on the sale of the investment property to Helmsley Securities Limited for £1.266 million, this represented a net initial yield of 7.4%. Helmsley was represented by Savills on the purchase of the property.
The 7,665 ft² office building forms part of Evolution, a new high specification office development at Wynyard Park. The £9 million office scheme, developed by Strategic Sites, consists of seventeen two-storey office buildings ranging from 1,200 ft² to 7,700 ft².
Paul Barber, Managing Director of Strategic Sites said: “We are delighted with the level of interest we have received in the scheme so far. The high quality office units are attracting a range of local businesses looking for brand new, modern office space in a key location. We have a number of units currently offer and a number still available to lease at £13 per ft²”.
James Thompson, Investment Surveyor at King Sturge added: “Evolution has made a significant contribution to the office facilities at Wynyard Park, providing much needed modern office space in the Teesside area. The sale of this fully let office building provides a good investment opportunity in a prime location”.
Wynyard Park’s close proximity to the A19 provides excellent road links to the A66 and A1 making it a successful commercial location. The 700 acre mixed use development provides a range of facilities for a wide variety of businesses. It offers office, warehouse, industrial and distribution accommodation in a high quality environment with a key focus on creating an area of sustainable development.
Joint agents for Evolution are King Sturge and Storeys SSP.
