SHARES in a lucrative commercial property in York have been snapped up by clients of Swinton-based Capital and investment Brokers.

The firm identified the building on the city's Science Park as an investment opportunity for its clients after working on a number of similar deals in prestigious locations elsewhere in the country.

The building, which was part of phase four of the York Science Park expansion, already has a solid tenant, the York Higher Education Authority on a seven-year lease. Investors were attracted by the rental charge of £255,200 per annum and the total value of the property is more than £3.6 million.

Peter Johnson, a Director at CIB, explained: "Syndicated property is a brilliantly simple idea, but it still remains a mystery to many people. Most of us are familiar with the concept of several investors clubbing together to buy a racehorse, but it is also possible to do business in essentially the same way when it comes to investing in commercial property.

"We have secured a number of really attractive syndicated investment opportunities for our clients in commercial properties at prime locations in Leeds, Liverpool and other cities.

Syndicated property investment is claimed to be a more hassle-free and affordable alternative to buying property to let because there are no maintenance issues and good prospects for capital and income growth.

Updated: 09:40 Friday, January 07, 2005