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ACRE Secures Sunderland Double

ACRE Capital have advised Harbert Management Corporation on the sale of Rainton Bridge Office Park to Praxis, advised by Knight Frank, for a price of £7,000,000.

Alexander, Brenner, Chase and Franklin form part of the Goodman-developed, 5 building development extending to 95,178 sq ft arranged across 4 two – three storey office buildings, which are arranged in a rectangular shape within an attractive, professionally landscaped, lakeside environment. The properties were multi-let to 5 tenants with a WAULT of 5.3 years to expiries and 3.1 years to breaks. The current headline passing rent was £756,641 per annum, reflecting an average overall rent of only £13.58 per sq ft.

Location: Sunderland
Property Type: Office
Transaction Type: Disposal
Client: Harbert Management Corporation