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Irish Tiger Hunts UK Property

LONDON-Irish-based investor Tiger Developments has spent $75 million on three UK properties in Stockton-on-Tees, Harrow and London Docklands.

By Graham Parker | Updated on March 09, 2004

LONDON-Tiger Developments, a joint venture between O’Flynn Construction and Goodbody Stockbrokers, has stepped up its commitment to the UK with three separate deals in Stockton-on-Tees, Harrow and London Docklands worth a combined £40 million ($75 million).

The Irish property company has purchased the freehold investment of five offices and one mixed-use building, totalling 94,300 sf at the Teesdale Business Park, Stockton-on-Tees from Cheviot Investments for £13.5 million ($25 million). Tenants include the Secretary of State for the Environment, Coca Cola and the Cooperative Insurance Society. The deal reflects a net initial yield of over 9%. Dodds Brown acted for Cheviot Investments and Sanders Cartwright for Tiger Developments.

At the same time Tiger has bought Lyon House in Harrow, Greater London from clients of Michael Elliott for over £13.5 million ($25 million). The 96,675 sf seven-storey office building is currently let to the Secretary of State for the Environment until 2010, generating an annual rent of £1.2 million ($2.3 million). DTZ Debenham Tie Leung advised Tiger Developments.

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