NORWICH Union Pensions have acquired the first phase of the Castlebrook Business Park in Bury from Ron Wood Developments Ltd.
The buildings, named Balmoral House and Windsor House, comprise 2,087 sq metres and 1,789 sq metres respectively.
They have been let to Manchester Flights Ltd and First National Vehicles Contracts on new 15-year leases at a combined rental of £521,307 per annum.
The purchase price of £6,200,000 represents an initial yield of eight per cent.
Castlebrook Business Park in Croft Lane is a nine acre site with a total planning consent for 12,540 sq metres of accommodation.
The second phase, comprising two buildings of 2,787 sq metres and 3,716 sq metres, has now started construction and is due for completion in the summer of next year.
Colin Thomasson of DTZ Debenham Tie Laung, who represented Ron Wood Developments, said: "Castlebrook represents the premier business park location in North Manchester.
"The sale to Norwich Union is testament to its excellent location, superb facilities and the quality of the office accommodation.
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