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.