Bilfinger GVA has been instructed to sell two office buildings comprising a total of 140,000 sq ft at Doxford International Business Park, Sunderland.
Endeavour House, a 112,171 sq ft office building fully let to EDF Energy until 2020, is being marketed at £15.2m – a net initial yield of 9.3%.
One Victory Way, a 32,104 sq ft office building fully let to Parseq, is being marketed at £3.3m – an initial yield of 9.5%. Parseq has a 10-year lease that began in 2014.
The instructions come after the sale of Corona Properties’ Admiral House, a 36,350 sq ft office building occupied by Royal Mail, to Squarestone for £4.2m in January – a net initial yield of 8.9%.
Luke Symonds, senior surveyor in Bilfinger GVA’s Newcastle investment team, said: “Demand for North East property is showing little risk of slowing down so far this year as investors chase higher returns.”
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