Mastercare, Lenton Lane, Nottingham
Franck-Steier Price LLP have recently completed the sale of the Tech Guys call centre on Lenton Lane, Nottingham on behalf of M&G Property Portfolio.
The building was sold to a wholly owned subsidiary of Delek Global Real Estate on the basis of a two stage payment.
The property was originally constructed in 1992 and comprises a two storey modern office building totalling 2,974.80 sq.m (32,023 sq.ft of accommodation along with 127 on site car parking spaces on a site of 0.56 Ha (1.40 acres).
The long leasehold property is let to Mastercare Service and Distribution Limited for a term of 15 years with effect from 22 August 2002 on a full repairing and insuring basis at a passing rent of £339,200 per annum (£10.68 per sq.ft).
The transaction was structured on the basis of two stage payment based on a net initial yield of 7.35% and commenting on the transaction, Andrew Franck-Steier of FSP said “structuring the transaction in this way has enabled M&G to receive maximum value for the property whilst minimising rent review risk for the purchaser”. The top up is to be paid on settlement of the outstanding rent review.
Franck-Steier Price LLP represented M&G Property Portfolio and CB Richard Ellis represented Delek Global Real Estate.