Dodds Brown and Cushman & Wakefield appointed to market Teesside grade A office investment.
08 July 2016
Teesside independent commercial property consultants Dodds Brown LLP and Cushman Wakefield have been appointed to market the investment opportunity in the freehold of 33,000 sq ft of Grade A multi-let office space in three buildings at Teesdale Business Park in Stockton-on-Tees, one of Teesside’s premier office parks.
Known as III (three) Acre, the investment opportunity consists of the freeholds of Ash House, Birch House and Cedar House which total 32,913 sq ft of Grade A office space in self-contained buildings, completed in 2007, which are the most modern and best specified buildings on the business park.
III Acre, Princeton Drive, Teesdale Business Park, Stockton on Tees, TS17 6AJ, is 90% let to strong covenants including Aecom Infrastructure & Environment UK Ltd, Sanlam Private Investments and Sopra Steria Ltd, with a WAULT (Weighted Average Unexpired Lease Term) of more than five years.
Stephen Brown, Dodds Brown senior partner, who has worked in commercial property on Teesside for more than 30 years, says: “Teesdale Business Park is one of the prime office pitches for the Tees Valley and has attracted over 700,000 sq ft of development and a range of high profile occupiers including Serco, Barclaycard, Santander, Atkins, Turner & Townsend, Johnson Matthey, Atos and Durham University.
“III Acre represents the newest and highest specification space on the park and has the potential to demand a premium over the poorer first generation stock and demonstrate rental growth, as Grade A stock levels diminish. There is strong asset management potential through lease restructuring and letting of the vacant suite.”
Offers in excess of £3,680,000 are sought, reflecting a Net Initial Yield of 10.5%.