Specialist lender Together has paid £6m to buy an office building next to its existing base at Cheadle Royal Business Park from Alderley Edge-based Cramer Properties.
The sale of the 33,000 sq ft No 1 Lakeside represents a net initial yield of about 8%. No 1 Lakeside is fully let and tenants include MSL Legal Expenses and travel business Kuoni. The building will form part of Together’s long-term expansion plans.
Ian Pollitt, director of Cramer Properties, said: “I bought No 1 Lakeside as a vacant building around 10 years ago. I invested in the building and have enjoyed it being fully let for quite some time. I completed the improvements I intended to do when I acquired the building, and it was the right time to sell. I am already looking at a number of other investments to provide new value added opportunities.”
OBI Property advised Cramer Properties.