CNC Properties has acquired Grand Union Office Parks, its joint venture with Channel Hotels & Properties (CHAPS), and sold four office buildings from the portfolio to Allied Commercial Holdings.
The buildings consist of the 60,000 sq ft (5,570 sq m) Delta House in Manchester, Rotherham’s 28,000 sq ft (2,600 sq m) Portland House, the 17,500 sq ft (1,625 sq m) Anthony House in St Annes on Sea in Lancashire and the 60,000 sq ft (5,570 sq m) Windsor House in Norbury. The sale of the four blocks raised £6.5m.
CNC, a the commercial arm of Property Asset Management, bought much of the remainder of the portfolio, two office buildings in Glasgow and Newport, Wales, and an industrial estate on the Isle of Wight, for £8.7m, reflecting a yield of 12.7%. The joint venture will retain its £1.3m investment in Leicester House, Leicester.
The portfolio was originally purchased in a distressed sale from nursing homes company Tamaris, at a property price of £14.1m.
EGi News 21/11/01
