Salford-based Jaymar Estates has acquired a second office building as an investment on the Clearwater phase of Lingley Mere Business Park, the joint venture in Warrington between Muse Developments and United Utilities Property Solutions.
Jaymar paid in excess of £1.75m for the two-storey, 9,044 sq ft building, representing a net initial yield of 8.25%. The building is let to MWH UK by way of a ten-year lease at £17.30/sq ft.
In May, Jaymar paid £1.5m, at 7.5%, for a 6,872 sq ft building, let to Wates Construction for ten years. Clearwater comprises four buildings; two were sold at the start of 2008, to Benedikt Estates and property investor three60. A fifth building of 18,000 sq ft is now planned.
Lambert Smith Hampton and Edwards & Co acted for the vendor. Edwards & Co advised Jaymar.