Troubled business park up for grabs for £5.9m

JOINT administrators of Greenvale Estates have instructed international real estate adviser Savills to market Caton Road Business Park in Lancaster for a guide price of £5.9m.

Administration team Simon Wilson and Anne O’Keefe are looking to offload the mixed-used office and industrial park comprises nine buildings totalling 129,333sq ft.

The complex generates a combined rental income of £870,819.  It is multi-let to five tenants with a weighted average unexpired term certain of 3.75 years.

Located on the A683, Caton Road Business Park is just half a mile from Junction 34 of the M6 motorway and forms part of the larger Lansil Way Industrial Estate. 

The surrounding area is an established commercial hub with several other business parks, two hotels and numerous leisure amenities.

Nick Okell, investment director at Savills, said: “With a high yield of circa 10% plus a strong tenant line up and opportunities to enhance returns through a number of asset management initiatives, Caton Business Park is likely to prove very attractive to investors.”