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Avison Young secure major investment for LCN Euro Property Holdings24 Mar 2020
Avison Young has secured the acquisition of Cobalt 23 at Cobalt Business Park, North Tyneside.
The Investment team at Avison Young, Newcastle acting for LCN Euro Property Holdings (an overseas investment company) has secured the acquisition of Cobalt 23 at Cobalt Business Park, North Tyneside. The vendor was a JV Partnership between Moorfield Group and Highbridge Properties.
Cobalt 23 is a freehold investment property comprising 126,000sq.ft.of high quality Grade A offices over 5 stories and a separate 171 space ground level car park, all let to Sage PLC on a 15 year lease, expiring in December 2034. The property comprises the main building in Sage’s new headquarters campus being adjacent to Cobalt 22 which they also occupy, having relocated from Great North Park, Newcastle.
Cobalt Park is one of the leading business parks in the North East with proven letting performance and an excellent track record for tenant retention, parking provision and on site amenities. Occupiers include P&G, Santander, Accenture, North Tyneside Council, EE, DXC Technology and Newcastle Building Society.
Simon Beanland, Principal at Avison Young, comments. ”Avison Young were pleased to buy this investment property which meets the requirements of our client, being well let to a secure undoubted covenant, Sage Group PLC for a minimum term of 10 years and a yield of 6% or greater”.