Property overview

Zenith House, Clifton Park, Avenue, York, YO30 5PA

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£8,900,000
Aug 2015

Franck-Steier Price has recently completed the acquisition of a modern HQ office investment on behalf of NFU Mutual.

The property is located on Clifton Park, an established out of town office park on the edge of York city centre.  The property comprises a modern three storey HQ office extending to 44,930 sq.ft. 

The property is let to National Farmers Union Mutual Insurance Society Ltd for a term of 15 yearsl from 25 March 2010.  The lease is held on full repairing and insuring terms subject to 5 yearly upward only reviews to open market value.  The current rent is £640,000 per annum.

The property was purchased for £8,900,000 which represents a net initial yield of 6.80%, assuming full costs of purchase of 5.8%. 

The vendor was the Salmon Harvester Opportunity Fund.