Avison Young acting on behalf of the Trustees of 2007/2008 Regent Capital 7+8 Syndicate has secured the investment sale of Spectrum 7 at Spectrum Business Park, Seaham, Co. Durham to a private investor.
Spectrum 7 is a 47,398 sq. ft. (4402sq.m) grade A detached 3 storey office building, let to Great Annual Savings Company Ltd for a term of 15 years from June 2020, on a full repairing and insuring lease. The tenant has invested £1.3million into an impressive fit out of the building. The agreed purchase price was £3 million, reflecting a yield of 8%.
Paul Wellstead, developer of Spectrum Business Park comments.” Great Annual Saving’s new Sea View HQ in Spectrum 7 has set a new benchmark for the standard of fit out across the park. It is testament to the flexibility of Spectrum’s office space, providing a truly inspiring workplace for their employees. The investment will be a fantastic addition to the purchaser’s portfolio.”
Jamie Sim of Avison Young adds; “‘Avison Young is delighted to have advised our client on the sale of this modern Grade A office to a private investor. The purchaser was drawn to the asset both for the quality of the building and the tenant along with future plans to make Spectrum 7, along with the rest of their portfolio, operate towards their net zero carbon ambition”.