Avison Young advises on the purchase of York office and warehouse investment
Haymarket Properties, advised by Avison Young, has bought the freehold of 4, Centurion Office Park, Tribune Way, Clifton Moor Gate York, from a private client for £2.25 million, reflecting a net initial yield of 9%.
The property, totalling 23,989sq ft (2,229sq m) includes a 7,352sq ft (683sq m) high bay warehouse, and 125,419sq ft (1,350 sq m) of office accommodation, which has been subdivided to provide office space and laboratory and research space. Avda Optical Networking Ltd hold the lease of the entire property until 2023, providing an annual rental income of £215,617.
Mark Holliday, Principal, Capital Markets Group, Avison Young, said: “This freehold purchase provides the investor with a strong foothold in the York region, an important hub for research, distribution and manufacturing. With hybrid research, warehouse and office space, the property represents a long-term investment opportunity for our client on this very established business park.”
Centurion Office Park is the premier commercial and out of town retail destination in York. It is located 2 miles north of the city centre adjacent to the A1237, providing easy access to the M1 and wider UK motorway network.