One of Yorkshire’s most advanced business parks has pricked the interest of investors as well as tenants, following the decision to make its ground-breaking office units available either for sale or to rent.
Although companies with an eye on owner-occupation were targeted from the outset by agents for the Greengate development on the outskirts of Harrogate, they and developers Avenir Properties have been delighted by the interest from organisations and fund managers seeking to include the units in their investment portfolios.
Greengate sits in Cardale Park; one of Yorkshire’s fast-growing areas – just a mile from the centre of Harrogate; where opportunities to acquire high quality commercial property are notoriously rare.
The decision to make units available for sale as well as to let was prompted by early indications that the development’s prime location and innovative steel and glass architecture, would be alluring for investors and occupiers seeking a valuable asset as well as a prestigious business location.
When construction is complete, the 35,555sqft development will offer Grade A office accommodation five two storey and a one storey contemporary building, and 147 car parking spaces. Units range from 2,038sqft to 9,020sqft.
Owners and occupants will be able to count the likes of NatWest, Link, and Wolseley Centres among their Cardale Park neighbours; each of whom has also been lured by the high level of finish for which the park has become known in commercial property circles.
“As well making sure that the architecture and level of finish matches the expectations of the calibre of potential occupants from whom we have already received approaches, our decision to make units available for sale has clearly had a hand in fuelling even greater demand,” said Andrew Carnell of Avenir Properties.
So that the units have both tenant and investor appeal, each building can be divided into two individual working environments, meaning that the buildings can be purchased and then sublet in part.
Among the parties for whom Greengate holds particular interest are individuals and companies with Self-Administered Schemes (SSAS) or a Self Invested Personal Pension Plans (SIPP); who can consider buying units as part of a tax-efficient purchase and lease back vehicle.
Where purchase and leaseback is appropriate, there may be no CGT liability when the property is sold, Corporation Tax relief if the company occupies the premises, no inheritance Tax liability, and a chance for rent paid by the tenant to be treated as a tax-deductible business expense.
Press Contact: Wendy Thompson, Avenir Properties Ltd, PO Box 167, Harrogate, North Yorkshire, HG1 5WL. Telephone: 01423 526682. Fax: 01423 503183
Email: wendy.thompson@avenirproperties.co.uk
Carter Jonas (contact John Webster 0113 242 5155) and DTZ Debenham Tie Lung (contact Duncan Senior 0113 254 3116). PCP; who are currently at Harrogate Hornbeam Square, can be contacted on 01423 873678.