Kenmore - Offices Sale - York, Clifton Moor Business Park, Coverdale House

Date: 24 Oct 2002

Kenmore Investments has sold Coverdale House on Clifton Moor Business Park in York two and a half years after purchase. Helmsley Group, local Yorkshire property investors, purchased the investment for £2.2m reflecting an initial yield of 7.4%.

Coverdale House is a 14,600sq ft modern 2 storey office pavilion on the Clifton Moor Business Park let to the National Rivers Authority until 2014.

Kenmore purchased the investment less than 3 years ago, worked the property through the break option and sold the investment subject to a rent review due at the end of 2002.

Grant Rawlinson at Kenmore explained “this was an excellent purchase for Kenmore, we bought some fairly exposed income given the break option and took a view on the tenant not exercising the break. We then structured an off market deal to a local investor at an excellent figure and we are delighted with the result”.

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