Carter Towler successfully negotiated the purchase of a two storey office complex in Wakefield on behalf of its client Durham Group Estates Ltd.
The 8,337 sq ft property which is currently let to Galliford Try Building Ltd has been purchased off a guide price of £788,000 with a net initial yield of 10%. Built in the 1990s, the offices occupy a large site with ample parking and currently generates an annual rental income of £83,000.
Commenting on the purchase Carter Towler director Matthew Faulkes said: “Our client is highly delighted with the purchase of Galliford Try House. It’s in a fantastic location at the heart of the trans-Pennine motorway network; it is occupied on a long term lease by excellent tenants and is in exceptionally good condition.
“We have been very active on behalf of the Durham Group for the past 18 months with five additional similar purchases. All of the properties are in Yorkshire and the North East and we are looking forward to adding them to the extensive property portfolio we currently manage for the Group.”
Durham Group Estates Chief Executive, Gurpreet Jagpal added: “ We are delighted to add this property to our growing portfolio and would like to thank Matt and his team at Carter Towler along with our legal advisors DWF who enabled us to complete this purchase within 4 weeks. Having worked with Carter Towler over a number of years, we are particularly pleased to purchase this property given its location and easy access to the M62.”
Tyneside-based Durham Group Estates is a privately-owned property investment company with a mixed portfolio of office, retail, industrial warehouse, storage and student accommodation across the North East and Yorkshire.
Carter Towler is one of the largest independent firms of property consultants in the North and is acknowledged as one of the most commercially active. In the past 12 months it has been involved in over 300 deals and currently manages over 3000 properties for its clients nationwide.