Flagship Middlesbrough serviced office development up for sale
A town centre serviced office development in Middlesbrough has been put on the market with a £3m asking price.
Cleveland Business Centre, which last year underwent a £1m refurbishment and is in an area close to Teesside Combined Court Centre earmarked for a £68m regeneration initiative by Middlesbrough Council, has seen an influx of new tenants over the past 12 months and is now almost fully let, with just two of its 34 units now vacant.
On the market with Eddisons, the business centre’s £2.95m price tag reflects a yield of 11 per cent on a ‘triple net’ annual rental income of £336,000. The centre covers 31,700 sq ft over three floors and is home to a roll call of professional firms, including lawyers such as Irwin Mitchell, barristers’ chambers and specialist recruitment companies.
Steven Jones, a director in Eddisons’ agency division said: “Cleveland Business Centre is a real success story that has given a boost to Middlesbrough’s fast developing economy. Following its refurbishment, in the space of just a few months it has gone from having only ten tenants to being almost fully let, bringing hundreds of jobs to the town in the process.”
He added: “As Middlesbrough’s digital and knowledge economy continues to go from strength to strength, demand for high quality serviced office accommodation, which fits the bill so perfectly for dynamic smaller businesses, looks set to escalate rapidly. Eddisons is seeing a growing demand for our services on Teesside and we expect Cleveland Business Centre to generate a great deal of interest among investors .”
As well as a new gym for staff and their families, the refurbished business centre also includes conference facilities and on-site car parking.
Written by: Steven Jones on Wednesday 29/03/2017