7th November 2013
Alder King and Savills secure investment sale of Portishead office building
Property consultants Alder King and Savills have sold the long leasehold interest of Harbour Place, an office building on Gordano Gate Business Park in Portishead, for £600,000 to a private investor. The sale reflects a net initial yield of 11%.
The detached 7,700 sq ft office building is well situated on the business park close to the town centre and the marina. It is let on a 10 year lease from April 2013 to Bristol and London plc, a leading provider of prestige replacement cars to the motor industry. The property is well configured to suit their business with extensive fenced car parking and ground floor space in shell condition utilised for valeting and storage.
Gemma-Jane Ogden of Alder King’s investment team says; “We received strong interest from investors who were attracted by the quality of the building and the location.”
Alder King and Savills acted on behalf of the joint LPA Receivers and Burston Cook advised the purchaser.