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ACRE parks up another car park

By April 2020 Transactions

ACRE Capital have successfully completed on the sale of a 171-space car park on Cobalt Business Park for Highbridge Properties for a price of £1,175,000 reflecting a 6.87% NIY. The purchaser was LCN Capital Partners, who acquired the car park to add to their existing investment in C23 on Cobalt Business Park. The car park is let to Sage Group PLC on an FRI, 15-year (10-year break) lease at a rent of £85,500pa. reflecting £500/space.

Location: Newcastle
Property Type: Car Park
Transaction Type: Sale
Client: Highbridge Properties