Blue Sky Way office park in South Tyneside sold for £1.3 million
An office park, called Blue Sky Way, part of Monkton Business Park in Hebburn has been sold for £1.3 million.
The building has been acquired by a private investor from Shildon Estates LLP/South Shore Developments who were represented by Cushman & Wakefield. The purchase price reflects a net initial yield of 8.74%.
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 the estate at 100% occupancy and end our longstanding involvement on such a positive note.”
The sale comprised eight high specification as well as own front door offices located five miles south east of Newcastle city centre between the A1 and A19 corridors.
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.”