Carter Towler has just successfully completed the purchase of an office complex in Wakefield on behalf of its client Durham Group Estates Ltd.
The two storey, 8,337 sq ft property which is currently let to Galliford Try Building Ltd has been purchased off a guide price of £788,000 with a net initial yield of 10%. Built in the 1990s, the offices occupy a large site with ample parking and currently generates an annual rental income of £83,000.
Durham Group Estates Chief Executive, Gurpreet Jagpal added: “We are delighted to add this property to our growing portfolio and would like to thank Matt and his team at Carter Towler along with our legal advisors DWF who enabled us to complete this purchase within four weeks. Having worked with Carter Towler over a number of years, we are particularly pleased to purchase this property given its location and easy access to the M62.”
Matthew Faulkes added: “We have been very active on behalf of the Durham Group for the past 18 months with five additional similar purchases. All of the properties are in Yorkshire and the North East and we are looking forward to adding them to the extensive property portfolio we currently manage for the Group.”