ACRE Capital Real Estate have advised Moorfield Group and Highbridge Properties on the disposal of C23, Cobalt Business Park, Newcastle, to LCN Capital Partners for a price of £25,200,000 reflecting a net initial yield of 6.87%.
C23 comprises of a modern, Grade-A head-quarters office building of 125,912 sq ft, which is let to The Sage Group PLC on an FRI lease for a term of 15-years (with a break in year 10) at a rent of £1,762,768 pa.
Property Type: Office
Transaction Type: Disposal
Client: Moorfield Group and Highbridge Properties