Member Article

£1.8m Seaham investment sale secured by Bilfinger GVA

Finance company Regent Capital, represented by Bilfinger GVA, has secured a £1.8m investment sale of Spectrum 6 Building at Spectrum Business Park.

The 41,000 sq ft three-storey property in Seaham, County Durham, is fully let on a floor-by-floor basis to three tenants - The Great Annual Savings Company, Business and Enterprise Commercial and County Durham Housing Group.

The sale of the building’s rental revenue streams represents a net initial yield of 9.35% after deducting the purchaser’s costs.

Simon Beanland, senior director and head of investment at Bilfinger GVA, Newcastle said: “This sale confirms the continued healthy investment demand for Spectrum Business Park following the recent sale we concluded of Spectrum 8 Building, let to Durham County Council”.

Spectrum Business Park, the developer and Regent Capital have recently let the 20,000 sq ft Spectrum 3 building to Res Q, a fast growing contact centre.

Paul Wellstead, developer of Spectrum Business Park commented: “Res Q specifically targeted the excellent demographics at Spectrum which will enable them to successfully grow their business.

“The business park is now a vibrant community of organisations across all sectors and we hope to achieve full occupancy over the coming months”.

This was posted in Bdaily's Members' News section by Bdaily Publishing .