A fully let office park in South Tyneside has been sold for £1.31m.
Blue Sky Way, part of Monkton Business Park in Hebburn has been acquired by a private investor from Shildon Estates LLP/ South Shore Developments who were represented by Cushman & Wakefield. The purchase price reflects a net initial yield of 8.74%.
The sale comprised 8 high specification ‘own front door’ offices located five miles south east of Newcastle city centre between the A1 and A19 corridors.
Elliott Ward of Shildon Estates LLP commented: “Having developed Blue Sky Way in 2007 and completed the latest lettings and lease renewals, we are pleased to have sold our interest the estate at 100% occupancy and end our longstanding involvement on such a positive note.”
Katy Paxton, Surveyor at Cushman & Wakefield added: “Blue Sky Way represents a best in market specification for ‘own front door’ offices and we are delighted to have achieved a fantastic result for our clients, demonstrating the demand for high quality accommodation in the out of town market.”