Three office blocks in Stockton are up for sale, with an asking price of at least £3.68m.
Known as III (three) Acre on Teesdale Business Park, the investment opportunity consists of the freeholds of Ash House, Birch House and Cedar House, which total 32,913 sq ft of Grade A office space.
The self-contained structures – which were completed in 2007 and offer some of the most modern buildings on Teesdale – are 90% let to strong covenants including Aecom Infrastructure & Environment UK, Sanlam Private Investments and Sopra Steria, with a WAULT (Weighted Average Unexpired Lease Term) of more than five years.
Tees independent commercial property consultants Dodds Brown LLP and Cushman Wakefield have been appointed to market the investment opportunity.
Stephen Brown, Dodds Brown senior partner, said: “Teesdale Business Park is one of the prime office pitches for the Tees Valley and has attracted over 700,000 sq ft of development and a range of high profile occupiers including Serco, Barclaycard, Santander, Atkins, Turner & Townsend, Johnson Matthey, Atos and Durham University.
“III Acre represents the newest and highest specification space on the park and has the potential to demand a premium over the poorer first generation stock and demonstrate rental growth, as Grade A stock levels diminish.
“There is strong asset management potential through lease restructuring and letting of the vacant suite.”
Offers in excess of £3.68m are sought.