Avison Young acting on behalf of Sisu Advisors has secured the sale of the Q4 Building at Quorum Business Park, Longbenton, Newcastle upon Tyne to a Manchester based property company.
The 4 storey office building which extends to 96,305 square feet (8.947sq. m.) was originally acquired out of receivership by Sisu Advisors Ltd in 2014 on behalf of a syndicate of high net worth individuals. Following a letting of 2 floors to Sitel UK Ltd, a leading UK outsourcing provider, the building has been sold for £4.6 million which represents a Net Initial Yield of 8.08% after deducting purchaser’s costs. The property has 2 vacant floors, which when let offers potential to further enhance the capital value of the property.
Simon Beanland, Principal and Head of Investment at Avison Young, Newcastle commented; “This sale has produced significant capital gain for our clients through active management since acquiring the vacant property. It also demonstrates the continued healthy demand for investment property offering the potential for further capital growth, by way of active asset management and the securing of tenants for the vacant space.”
Vesa Poikonen, Founding Partner of Sisu Advisors Ltd, said: “Sisu Advisors is dedicated to always finding the best deals and creating value to our investors. The sale of Q4 achieved an outstanding return on investment. This was on the back of active asset management demonstrating the strength of our platform.”