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Email: info@redkiteland.com Phone: 0207 486 5777
Email: info@redkiteland.com Phone: 0207 486 5777

Office Block in Salford Purchased for £4.24 m

Red Kite has successfully completed the purchase of 17 Carolina Way, Salford, on behalf of Private Equity clients.

 

The property is let to Hoist Finance and is currently undergoing a £1m refurbishment program that will be carried out by the tenant.

 

The rent passing is £382,000 and the lease has a 10-year term certain, expiring in 2015.

 

The purchase reflected an 8.5% NIY.

 

Simon Lewis of Lewis Ellis & Co acted on behalf of Red Kite and the vendor was M7.

 

Sitting just behind Salford Keys, Red Kite see that this is a solid and secure investment in an improving provincial office market.