Castel Commercial Property Fund Clinches Cobalt Deal
The Castel Commercial Property Fund – acting on advice of Aston Property Ventures Limited – has acquired a 30,000sqft office building at the UK’s largest office park in a £4.91million deal.
Situated near Newcastle-upon-Tyne’s city centre and airport, the property is Cobalt 13a, which comprises a modern, high-specification office building constructed in 2008. The building is a multi-let property currently with three tenants: Barnardos; Det Norske Veritas GL and Balfour Beattie Group along with one unit available for lease.
Commenting on the deal, Tim Keig from Aston Property Ventures said: “For us this was an attractive deal to acquire a Grade A office building at a very attractive entry yield, in one of the UK’s most successful business parks.
The location is becoming increasingly popular with occupiers in the region due to the supply constraints and costs associated with city centre space. What’s more, the region is booming. With the current political focus on the north of England, and the can-do attitude of our northern cities, the park is a great place to do business.
For the fund, we’re confident this will be a high-yielding office investment with opportunity for additional value creation through strategic lease repositioning and filling the vacant suite.”
Cobalt 13a extends to 30,406 sqft over the ground and two upper floors, with an L-shaped configuration and floor-to-ceiling glass on all sides, offering excellent natural light. Additionally, there is excellent onsite car parking provisions, air conditioning and good accessibility with lifts.
Cobalt Real Estate was the vendor in the transaction and was advised by Farrer & Co. Shoosmiths provided legal advice to the purchaser and Lexicon Cole acted as agents.