GMI Developments has sold a South Yorkshire office building to a private investor for £1.25m.
The sale of Spinner Point, at Doncaster’s Lakeside development, represents a net initial yield - the rent generated by a property expressed as a percentage of its valuation - of 11 per cent.
The 10,376 sq ft Spinner Point office building overlooks the 50-acre lake and is fully occupied by Close Brothers, GB Railfreight and RecyCoal.
Completed in 2009, it was the third office building developed by Leeds-based GMI at the development, which comprises a business and logistics accommodation together with residential, retail and leisure facilities off junction 3 of the M18.
Keepmoat and Clyde Bergemann occupy the other offices. Lakeside is also home to Strata Homes, Direct Group, Beresford Solicitors and a 60 bed Travelodge Hotel.
GMI said it is currently in ‘active negotiations’ with an owner occupier for the remaining 1.2 acres of land that it owns at Lakeside.
Managing director Chris Gilman said: “To be attracting investment in this way demonstrates its appeal to keen investors and is a positive sign for the regional property market.”
Property agents Pudney Shuttleworth and Stephenson Day advised on Spinner Point deal.