Legal & General has sold a 119,566 sq ft office building at Cobalt Park in North Tyneside to North Tyneside Council for an undisclosed price.
The Cobalt 16, Quadrant East office is fully occupied by the council for use as its civic and administrative centre. The property is let for a term of 35 years to November 2042 with base rent increases annually by way of fixed uplifts.
Simon Beanland, principal at Avison Young Newcastle, which acted for Legal & General on the sale, said: “[It was] great to be involved in the initial acquisition [of this asset] and now the sale. I am pleased to have achieved a good result for our client.”
