The Canal and River Trust has sold a telecoms property at Albany Court, Newcastle Business Park, to AP Wireless for £2.2m in a deal reflecting an NIY of 7.04%.
The 11,775 sq ft modern switch centre is let to Telefonica UK for 15 years from 2014, with 5.47 years unexpired.
Jamie Sim, associate at Avison Young, which acted for the vendor on the deal, said. “Having previously acquired the property for Canal and River Trust we were delighted to be asked to advise on the sale, The asset has performed well for our client, providing secure income from a strong covenant with attractive RPI rent reviews.”
MHPI acted for AP Wireless.
