APAM Completes the Sale of Tyne River House in Gateshead

APAM Ltd, UK real estate asset and investment manager, has completed the sale of Tyne River House located on the Watermark Business Park, Gateshead for £3.715M. The self-contained purpose-built Grade A office building extending to 2,786 sq m (29,999 sq ft) with extensive parking provision (1:269 sq ft) was sold to a private client of MBU Capital investment management firm.
The building benefits from an impressive specification following a £2.35M refurbishment. APAM secured a lease renewal to Teleperformance Limited upon practical completion of £1.6M of landlord’s Category A works carried out in lieu of a rent-free period along with £750,000 of Category B works.  The 10-year lease completed in November 2016, at an annual rent of £423,080, reflecting £14.10 per sq ft.
“Tyne River House formed part of a distressed portfolio of 19 assets comprising a mix of business space properties and development sites spread across East Anglia, Midlands, Northeast and Northwest of England. APAM is pleased to announce the final sale within this workout mandate. We maximised recovery with complex business plans enhancing rental income and managed extensive refurbishment programmes. The 19 assets were successfully sold in 42 separate transactions exceeding business plan performance targets.” Said William Powell, Director at APAM.
The completion of this portfolio demonstrates APAM’s experience and skill in repositioning assets. APAM has successfully completed business plans and disposed of £755M of assets and continues to target on and off market commercial real estate opportunities to expand its existing portfolio of £1.4Bn of assets under management.

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