The fully-let Blue Sky Way office park in Hebburn has been sold for £1.31m.
The site, part of the Monkton Business Park, has been acquired by a private investor from Shildon Estates LLP/ South Shore Developments, who were represented by real estate specialist Cushman & Wakefield. The purchase price reflects a net initial yield of 8.74%.
The sale comprised 8 high specification ‘own front door’ offices.
Elliott Ward of Shildon Estates LLP commented: "Having developed Blue Sky Way in 2007 and completed the latest lettings and lease renewals, we are pleased to have sold our interest in the estate at 100% occupancy and end our longstanding involvement on such a positive note.”
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Katy Paxton, Surveyor at Cushman & Wakefield added: "Blue Sky Way represents a best in market specification for ‘own front door’ offices and we are delighted to have achieved a fantastic result for our clients, demonstrating the demand for high quality accommodation in the out of town market."