Mastercare, Lenton Lane, Nottingham
Atlas Real Estate have recently completed the sale of the Tech Guys call centre on Lenton Lane, Nottingham on behalf of M&G Property Portfolio.
The building was sold to a wholly owned subsidiary of Delek Global Real Estate on the basis of a two stage payment.
The property was originally constructed in 1992 and comprises a two storey modern office building totalling 2,974.80 sq.m (32,023 sq.ft of accommodation along with 127 on site car parking spaces on a site of 0.56 Ha (1.40 acres).
The long leasehold property is let to Mastercare Service and Distribution Limited for a term of 15 years with effect from 22 August 2002 on a full repairing and insuring basis at a passing rent of £339,200 per annum (£10.68 per sq.ft).
The transaction was structured on the basis of two stage payment based on a net initial yield of 7.35% and commenting on the transaction, Andrew Franck-Steier of Atlas Real Estate said “structuring the transaction in this way has enabled M&G to receive maximum value for the property whilst minimising rent review risk for the purchaser”. The top up is to be paid on settlement of the outstanding rent review.
Atlas Real Estate represented M&G Property Portfolio and CB Richard Ellis represented Delek Global Real Estate.