YORK-BASED property investment and development company, The Helmsley Group, has acquired Units 11 and 12 of Evolution at Wynyard Park, Billingham.

The £1.5m offices have added to its clients' commercial property portfolio now valued at £100m.

The Helmsley Group specialises in syndicating commercial property to private individuals and private pension funds who buy a share of the commercial property and then receive a proportionate share of the rental income and benefit from all rental growth and capital growth.

The expected annual net return for Evolution is 6.8 per cent excluding capital growth.

The 700-acre Wynyard Park is a mixeduse development in a successful commercial location, situated a few yards from the main entrance to the A689 dual carriageway.

The existing tenant at the acquired offices is the commercial department of legal experts Tilly Bailey and Irvine LLP. The department amalgamated their commercial divisions from all their other offices to form one group at Wynyard Park.

Helmsley's director, James Craven, said: "We have been syndicating commercial property for more than 25 years and it is more popular today than ever before because of its secure nature.

"We select premises that are in a good location and have secure tenants, usually committed to long-term leases. This creates a low risk, long-term opportunity for private individuals and pension funds looking for income generation and the prospects of capital growth.

"Units 11-12 Evolution fit into our clients' portfolio as its legal tenant base provides good security for our clients."