Europa Capital, and partner Addington, the property, investment and asset management specialist, announce the sale of the Webhelp Call Centre in Dearne Valley, Rotherham to a privately owned Isle of Man property company for £6.875 million, reflecting a net initial yield of 9.25%.
The freehold property comprises a 62,700 sq ft modern two-story building, with 440 car park spaces and is let until March 2024 at a rent of £675,000 per annum (£10.75 psf).
The joint venture partners acquired the property as part of Prospect Portfolio in January 2016.
Matthew Allen, Principal of Addington said, ” This deal follows on from our flurry of investment sales announced in February and is a further testament to the strength in demand for sub £10 million properties. Breaking up portfolios acquired over the past 2/3 years remains further underpinned by the strong auctions market.”
Hugo Black, Partner at Europa Capital, commented: ‘This represents the 7th sale out of the original 26-property portfolio, while various value-accretive initiatives are being pursued on the remainder of the portfolio.”
Allsop & C&W acted jointly for the seller and Andrew Dixon & Company of Telford advised the purchaser.
