Property: ROK asset sale; Bluemantle booster

A NORTH West motorcycle test centre has changed hands for £3m.

The site, in Atherton, let to the Driver Standards Agency, was sold by Source IDC for its client building firm ROK. The property was acquired by a private investor at a net initial yield of 5.56%.

The driving test centre is one of the many centres being built throughout the UK offering the new style of practical motorcycle test.

Richard Foulkes of Source IDC commented: “We were pleased to have secured this sale on behalf of our client ROK in a challenging marketplace indicating the appetite for Government backed income opportunities remains attractive to the long term investors.

Atherleigh Business Park forms part of Gibfield Park enterprise zone located three miles from junction five of the M61.
DTZ represented the purchaser.

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NORTH West property investment and development company, Bluemantle has let 85% of its recently refurbished Metropolitan House in Cheadle Hulme, near Stockport, having secured eight new tenants for the 33,915 sq ft office building, achieving a rental level of £16.50 per sq ft.

Q Home Centres occupies 3,600 sq ft having agreed a 15 year lease.  Albion Finance agreed a five year lease for 3,355 sq ft.  Woodford Engineering, Maro Developments and Zimo have all taken similar sized space but on three year leases. 

Three year leases have also been secured with Leggatt Freightway which now occupies 2,520 sq ft.  Annuities4u and M D Events have taken 1,562 sq ft and 1,200 sq ft respectively.

Bluemantle bought the five storey building, formerly known as Computer House last year, and carried out a £2m refurbishment.

John Leighton of Bluemantle says: “We have a strong reputation for being able to deliver high quality refurbished buildings on flexible leases which appeal to potential occupiers.”