A Lancaster business park has gone up for sale for £5.9m after its owners went into administration.
The joint administrators of Manchester based Greenvale Estates, Simon Wilson and Anne O’Keefe, have instructed international real estate advisor Savills to market Caton Road Business Park (Lancaster Business Park) for a guide price of £5.9m.
The mixed-use office and industrial park comprises nine buildings totalling 129,333 sq ft (12,015sqm) and generates a combined rental income of £870,819.
It is multi-let to five tenants.
Located on the A683, it is half a mile from Junction 34 of the M6 and forms part of the larger Lansil Way Industrial Estate.
The surrounding area is an established commercial hub with several other business parks, two hotels and numerous leisure amenities.
Nick Okell, investment director at Savills, said: “With a high yield of circa 10% plus a strong tenant line up and opportunities to enhance returns through a number of asset management initiatives, Caton Road Business Park is likely to prove very attractive to investors.”