Private equity investor Henley has sold Proctor and Gamble’s office building at Cobalt Business Park, Newcastle, for £16.8m.
The 99,000 sq ft Cobalt 12 office has been sold a to a high net worth buyer and has a yield of 7.2%, representing a deal IRR of around 20%.
Henley bought the property in 2012, and restructured the short-term lease to a 12-year term expiring in 2027. Other tenants at Cobalt Business Park include Accenture, Hewlett Packard and Santander.
Henley was advised by Cushman & Wakefield and the purchaser by Matthew & Goodman.
