Acting on behalf of Kennedy Wilson Europe Real Estate, the Capital Markets team at CBRE Leeds has sold two office parks in Leeds and Newcastle Upon Tyne for circa £4.75M.
Pavilion Business Park, Leeds, which was acquired by M7 Real Estate, is an established business park fronting Leeds outer ring road, close to Junction 1 of the M621 motorway and Leeds City Centre. The 16 detached, self-contained two and three storey modern buildings provide 53,645 sq ft of good quality office accommodation and are already home to a broad range of occupiers such as ADT Fire and Security Plc, Banardo’s and Level 3 Communications UK Limited, Pavilion Business Park also offers active asset management potential.
Vantage Point is located on Balliol Business Park and was acquired by Methnor Properties. It is widely considered to be one of the best office parks in the Newcastle Upon Tyne area comprising two modern three storey office buildings, Victory House and Balliol House, totalling 40,712 sq ft over ground and two upper floors. The park is home to major tenants such as HMRC, Greggs, Laing O’Rourke, Leica and Communisis.
Robin Bullas, Director of Capital Markets at CBRE Leeds, commented:
“We are delighted to announce the sale of Vantage Point and Pavilion Business Park, both situated in prominent and established locations within the North of England. The recent sales demonstrate the current investor appetite for well positioned office accommodation with asset management opportunities.”
