ES Group has sold two office buildings on Harrogate’s Cardale Park Business Park to Marrtree Investments Ltd, a residential and commercial property investor and developer, off a guide price of £800,000.
Following high levels of interest, the two semi-detached two storey properties, Units 4A and 4B, were sold for well in excess of the original guide price.
Initially, ES Group had been appointed as LPA Receiver on the properties in March 2013, successfully renegotiating a lease of Unit 4B to existing tenants, Grosvenor House Group.
An extensive programme of reconfiguration and refurbishment works was carried out ahead of bringing the properties to market, resulting in an attractive, more sellable asset.
Unit 4A totals 3,070 sq ft and is currently vacant, whilst Unit 4B, which totals 3,037 sq ft, is let to Grosvenor House Group on a five year lease.
Located at Cardale Park, one of the region’s most prestigious out-of-town business addresses, the properties lie just two miles from Harrogate town centre and 12 miles from Leeds Bradford International Airport.
High profile occupiers at the business park include Handlesbanken and Cardale Asset Management.
Nick McTague, principle surveyor at ES Group’s Leeds office said:
“We were extremely pleased to be able to secure a sale significantly above the guide price.
“The deal is reflective of the strength of the freehold office market in Harrogate and highlights the shortage of good quality freehold stock currently available locally.
“Securing such a major sale, and successfully renegotiating lease terms with Grosvenor House Group, demonstrates the breadth and flexibility of our offering at ES Group.”