Helix Property Advisors Limited, advised by Fineman Ross, has sold its freehold interest in Dakota House, Building 360, Bristol Business Park to a private overseas investor for £10.5 million (approx. €12.4 million), reflecting a net initial yield of 8.2%.
The prime, Grade A, three-story office building comprises 33,443 ft² (3,107 m²) on a 1.53 acre (0.6 hectare) site, with 136 car parking spaces. Located on a well-established business park with good road and rail access, the property is let to Thales Properties Limited, and under-let to Boeing Defence UK Ltd, on a 25-year lease from 2008 at an annual rent of £911,086 (£27.27 per ft² / £293.54 per m²).
Henry Godsal of Fineman Ross comment: “With such a strong covenant, in a great location, we received a lot of interest in this investment. The sale price achieved–almost £1 million over the asking price–clearly demonstrates the increasing interest from overseas investors for quality stock outside of London.”
Source: The Flashbulb