PAI member Naylors has completed a £2.25m investment acquisition at Team Valley, Gateshead.
Marquis Court on Kingsway South, which comprises 21 individual offices totalling 31,000 sqft, has been purchased by Bronze Investments.
The investor plans to undertake a programme of refurbishment works before making them available to purchase and has retained Naylors to provide property management, building consultancy and agency services.
Naylors will be managing the full project for Bronze Investments and will be marketing the individual refurbished offices at a starting price of £150,000.
Fergus Laird, director and head of property investment at Naylors said: “Our purchase of Marquis Court was an off-market transaction. We have been involved with the scheme since it was built, and this is the first time we will be in a position to sell individual offices, which offers a rare opportunity on Team Valley.
“Going forward, we are very pleased to be working with Bronze Investments and together we have a strategy in place to create fresh office stock with prices set to start at £150,000. We anticipate that there will be strong interest from small businesses and company owners looking to put the property into a SIPP or SSAS, plus individuals who wish to invest in commercial property.”
A six-figure refurbishment project to upgrade Marquis Court, including the interior and exterior of the vacant offices, landscaping, signage and parking areas is set to commence immediately and the units are expected to be available next month.
The remaining 17 office units are occupied by tenants including Pertemps and In2 Developments, and if not purchased by the individual tenants, will be available as small office investments.
A spokesperson for Bronze Investments added: “Team Valley has benefitted greatly from the recent upgrade of the A1 Western Bypass and we were particularly attracted to this opportunity due to the strength of its strategic location within the region’s largest business park. Marquis Court enjoys a prominent position and is within walking distance of Retail World, so there are many benefits which make the offices a sensible purchase option.”