GMI Developments has sold its Spinner Point office building within Doncaster’s Lakeside mixed-use development to a private investor for £1.25m, representing a Net Initial Yield of 11%. Pudney Shuttleworth acted for GMI and the purchaser was represented by Stephenson Day.
Situated on the South Quay of Doncaster’s Lakeside development, the 10,376 sq ft Spinner Point office building overlooks the 50 acre lake and is fully occupied by tenants Close Brothers Ltd, GB Railfreight Ltd and RecyCoal Ltd. Completed in 2009, Spinner Point was the third office building developed by GMI at the Lakeside development which comprises a mix of high quality business and logistics accommodation interspersed with residential, retail and leisure facilities in a lakeside setting just off J3 of the M18.
In addition to Keepmoat and Clyde Bergemann who occupy the other offices developed by GMI, Lakeside is home to Strata Homes, Direct Group, Beresford Solicitors and a 60 bed Travelodge Hotel. The nearby 15,000 seat Keepmoat Stadium and 140,000 sq ft Lakeside Village retail scheme, which has over 45 high profile stores such as M&S, Next and Toys R Us, also complement Lakeside.
GMI is now turning its attention to the remaining 1.2 acres of land that it owns at Lakeside.
Chris Gilman, Managing Director of GMI Developments, said; “The sale of Spinner Point continues the success story of Lakeside, which is one of South Yorkshire’s most significant regeneration schemes. Fully let to good quality tenants, the building represented a sound investment for the purchaser and this deal forms part of our long-term strategy for our interests in Lakeside.
“The unique nature of the scheme with its waterside setting and neighbouring amenities has ensured its success and to be attracting investment in this way demonstrates its appeal to keen investors and is a positive sign for the regional property market. We are currently in active negotiations with an owner occupier for our remaining 1.2 acre site.”
GMI Developments is a Leeds-based commercial property development company specialising in bringing forward complex regeneration projects in partnership with both public and private sector organisations.