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RO Real Estate completes Five Strategic Disposals

Posted on 13 July, 2015 by Chris Grigorovsky

UK commercial property investment and development company, RO Real Estate, has successfully completed the sale of five properties for a total of £5.46 million.

The disposals are part of the company’s strategic ongoing plan to remove non-core assets and reinvest the return into core income and value-add opportunities, in a bid to deliver a high-quality property portfolio.

The details of the assets disposed of are as follows;

• A 37,340 sq ft retail and office building in Huddersfield, which consists of five ground floor retail units and four storeys of offices. The building was sold to MCR Property Group for £2.27 million.
• A 25,143 sq ft modern single-let industrial warehouse unit in Sunderland was sold to Cole Real Estate for £1.19 million. It is let in its entirety to a single tenant generating an annual rent of £110,400.
• Carlyle’s Court, a 19,207 sq ft mixed-use retail and office investment in Carlisle, was sold to Rally Design for £1.6 million. The property is fully let to 16 tenants for a total net rent of £202,200 per annum.
• A 8,545 sq ft industrial investment in Jarrow was sold for £207,500 at Allsop auctions. The property is located on a prominent industrial estate and produces a yearly rent of 325,000.
• A 1,355 sq ft retail unit in St Thomas Square, Ryde, Isle of Wight, was sold privately for £185,000.

Head of RO Real Estate, Richard Bourne, commented: “These disposals follow the completion of our asset management programmes for each property, which included significant refurbishment/extension works and new lettings.

“We now have around £15-20 million to invest and will continue to invest in assets in strong micro-locations, across the south of England, which we believe will deliver us strong long-term income or which have the potential to add significant value.”

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