Investment managers snap up £4.2m Harrogate offices

Investment management business Kames Capital has bought Nidderdale House in Harrogate for £4.2m.

The site, which neighbours Cardale Business Park near the North Yorkshire town consists of a 20,499 sq ft office building and a 15,973 sq ft warehouse.

It is let to Arrow Enterprise Computing Solutions as its UK HQ, let on two separate 10-year leases. Total contracted rent of £320,000 per year.

Dante Capital has sold the building to Kames, which was represented by property group Savills. The sale reflects a net initial yield of 7.8%.

Ric Tsang, assistant fund manager at Kames Capital, said: “Harrogate is an extremely attractive area for investment and we are absolutely delighted to be able to secure Nidderdale House at such an attractive price.”

Mark Wilson, associate director in the investment team at Savills Leeds, added: “Opportunities to purchase headquarters office buildings with a strong tenant covenant and reversionary rent in affluent spa towns such as Harrogate are rare, making Nidderdale House a highly appealing investment. We are pleased to have secured its acquisition on behalf of Kames Capital.”