The Capital Markets team at Avison Young, Newcastle acting on behalf of Canal and River Trust has secured the sale of a “telecoms” investment property at Albany Court, Newcastle Business Park.
The property comprises a modern switch centre building extending to 11,775sq ft (1,094sq m) let to Telefonica UK Ltd for a term of 15 years from 2014, with 5.47 years unexpired. The building is used as a major O2 switching centre with significant tenant investment in the site.
The freehold interest in the property was sold for a purchase price of £2,220,000, reflecting a NIY of 7,04%.
Jamie Sim, Associate, Avison Young comments. “Having previously acquired the property for Canal and River Trust we were delighted to be asked to advise on the sale, The asset has performed well for our client, providing secure income from a strong covenant with attractive RPI rent reviews.”
Simon Harland of MHPI acted for the purchaser AP Wireless Ltd.
