RO Real Estate, the UK commercial property investment and development company, has completed the sale of five properties located mainly in the North East of England for a combined price of £5.46 million.
These sales are part of the Company’s ongoing strategy to dispose of non-core assets and reinvest the proceeds into core income and value-add opportunities in order to deliver a high-quality property portfolio with large capital growth potential and a secure income base.
RO has disposed of:
A 37,340 sq ft retail and office building in Huddersfield for £2.275 million to MCR Property Group. The property comprises five retail units on the ground floor with four storeys of offices to the upper floors. The building is located within easy walking distance of the central station, Kirklees College and the University of Huddersfield. BNP Paribas Real Estate advised RO and the purchaser was unrepresented.
A 25,143 sq ft modern single-let industrial warehouse unit in Sunderland for £1.193 million to Cole Real Estate. The property is located on Rainton Bridge Industrial Estate and is entirely let to Chemviron Carbon Ltd at a yearly rent of £110,400. BNP Paribas Real Estate advised RO and the purchaser was unrepresented.
Carlyle’s Court, a 19,207 sq ft mixed-use retail and office investment for £1.6 million to Rally Design. The property is located in the historic city of Carlisle and is fully leased to 16 tenants for a total net rent of £202,200 per annum. BNP Paribas Real Estate advised RO and the purchaser was unrepresented.
A 8,545 sq ft industrial investment in Jarrow which was sold at Allsop auctions for £207,500. The property comprises an industrial unit with its own service yard and is located on Shaftesbury Avenue within an established industrial estate, producing a yearly rent of £25,000.
A 1,355 sq ft retail unit based at 2 St Thomas Square, Ryde, Isle of Wight. The property was sold to the Tenant privately for £185,000.
Richard Bourne, head of RO Real Estate, said: “These disposals follow the completion of our asset management programmes for each property, which included significant refurbishment/extension works and new lettings. We now have around £15-20 million to invest and will continue to invest in assets in strong micro-locations, across the south of England, which we believe will deliver us strong long-term income or which have the potential to add significant value.”
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For further information:
Edward Rowlandson / Nick Moore, RO Real Estate
01707 601400 / 0207 025 1780
Faye Walters, Tavistock
020 7920 3150
Notes to Editors:
RO Real Estate is a privately-owned company specialising in commercial property investment and development in the south of England. It is the property division of the RO Group, which has majority interests in businesses involved in residential development, high-quality holiday lodge developments, domiciliary and specialist care services.