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News Release

Newcastle

Double acquisition for Jones Lang LaSalle’s Investment team


Newcastle, 15th November 2011- Jones Lang LaSalle’s Newcastle office has acquired Waterside House in Sunderland on behalf of Topland Group of Companies.  The modern, detached three storey office building was acquired for an agreed purchase price of £3,375,500. The property was sold by Fourth Downing EZT who were represented by Naylors Chartered Surveyors.
 
The 37,110sqft building is occupied on a 15 year lease by the Secretary of State from November 2001, at a rent of £445,475 per annum, offering 5 years of secure income. The property is situated on Sunderland Enterprise Park, an area that offers a mix of commercial uses with established surrounding occupiers including Berghaus, Lloyds TSB, The University of Sunderland and The Royal College of Nursing.
 
The Jones Lang LaSalle investment team also recently completed the sale of a 40,000sqft industrial unit at Whitehouse Business Park in Peterlee on behalf of Tritax Management Limited.  The unit, which is occupied by Eaga Homes Services on a 15 year lease, sold at better than asking for £1,027,500 which equates to a net initial yield of 10.95%.
 
Douglas Cranston of Jones Lang LaSalle who acted on behalf of Topland and Tritax respectively commented: ‘These two deals show that there is an appetite for single let, provincial assets albeit at the right price. The additional return that can be offered to investors in the region is the main catalyst to encourage inward investment. This added value will hopefully encourage the likes of Funds and Property Companies away from the South East which they currently view as a safe haven for their money.’
 
In what still remains an unpredictable and volatile investment market Jones Lang LaSalle have again emphasised their dominance nationally by being listed top of the National Property Data Investment League for Q3 across all investment sectors. As a combined force since the merger with King Sturge, Jones Lang LaSalle has successfully completed 93 deals in Q3 2011, worth a combined value of over £2 billion.