Highbridge sells Cobalt Park office

Highbridge Properties has sold a 30,500 sq ft office building on Cobalt Business Park in the North East to Castel Commercial Property Fund for £4.9m. The deal – representing an initial yield of 8.6% has seen the fund acquire building 13a within the UK’s largest business park.

The park is located within close proximity of Newcastle-upon-Tyne city centre and the airport. Current occupiers in the building include: Balfour Beatty, Barnardos and Det Norske Veritas. 

Aidan Baker, director at BNP Paribas Real Estate’s Newcastle office, said: “The recent strong letting activity at Cobalt, where park occupancy is now at 87%, has increased investors’ appetite in the region’s premier office park.”

David Nicholson, director at Lexicon Cole said: “Our clients required a gradeA office building with asset management angles to improve returns over time. Together with the improving tenant demand we see some excellent property fundamentals in the location.”

BNP Paribas Real Estate UK represented Highbridge. Lexicon Cole acted on behalf of Castel Commercial

Property Fund.

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