Buccleuch Property has announced the sale of Quay Point in Doncaster for £4.35 million to Infinity Investments, reflecting a Net Initial Yield of 9%. The modern office development currently produces a rental income in the region of £395,000 per annum.
Quay Point is a 32,000 sq ft, three storey, modern office development forming part of Doncaster Lakeside, which is home to international commercial occupiers including BT, DB Schenker, Direct Line, UKI partnerships, Volker Rail and Hitachi, as well as The Dome; one of Europe’s largest leisure centres. Situated just outside Doncaster town centre, the office development was originally funded and acquired by Buccleuch Property in 2002.
During its ownership, Buccleuch Property actively managed Quay Point and provided high quality office accommodation and services for the building’s two key tenants, Strata Homes Ltd and Direct Group Ltd.
Nick Waugh, Commercial Property Director of Buccleuch Property commented: “We are delighted with the outcome of our asset management strategy at Quay Point. The strong interest in the sale of this property is evidence of improving market conditions throughout the commercial sector, and the increasing attractiveness of Doncaster and the North East as a location for both national and regional occupiers”.
Steadman Brierley LLP acted on behalf of Buccleuch Property.