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Newcastle, 29 July 2013 - Jones Lang LaSalle has successfully completed the purchase of five office buildings in Gateshead on behalf of Watermark Investments Limited.
The properties are all located on the successful Watermark Business Park which is home to established tenants such as Tyne Tees Television and Carillion.
The five office buildings extend to a total area of 18,239 sq ft and each offer high quality modern self-contained offices with dedicated car parking spaces. They are let to tenants including Gateshead Council, Allied Dunbar and Riverside North East.
The property was acquired at a price of £2,066,000 which reflects an initial yield of 11.77% and a Capital Value per sq ft of £110.00 per sq ft.
Dickon Wood, head of investment at Jones Lang LaSalle’s Newcastle office who advised Watermark Investments on the purchase said: “The Watermark is widely regarded as the best small office scheme in the North East. The units let up very quickly during the construction process and were built by a very reputable developer. Prices of £230.00 per sq ft were achieved on this scheme back in 2005 and we are delighted to be able to acquire them now from a receiver for half this figure.
With their close proximity to the A1 Western By-Pass and Metrocentre, they will always prove attractive to occupiers.”
Jones Lang LaSalle acted for the purchaser whilst the vendor was represented by DTZ.
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