TWO STOKE OFFICE BUILDINGS SOLD TO INVESTOR FOR £3.3 MILLION
Two buildings on a Stoke business park have been sold to an investment company for £3.3 million.
The deal, which saw Harris Lamb sell the properties at Etruria Office Village to M7 Real Estate, is the second office investment sale overseen by the business in a matter of weeks.
Buildings 1 and 2 at the Festival Park office village were placed on the market by the business’ Investment team on behalf of a private investor.
The multi-let properties, which total 30,643 sq ft and provide 120 parking spaces for tenants and visitors, are presently let to the Crown Prosecution Service, the Probation Service and Thompsons Solicitors.
Prior to the investment sale, Harris Lamb acted on lease renewals / new lettings and the firm’s management team were appointed on the day to day property management of both buildings dealing with service charges and rent collection.
The £3.3 million sale to M7 provided a net initial yield of 9%.
Andrew Groves, of Harris Lamb’s Stoke office, said: “Built in 2006, these are high-specification office buildings with high profile, established occupiers, making them an excellent acquisition for M7.
“Our Agency team has now been retained and instructed to market a vacant floor at the site totaling 5,000 sq ft. “
The sale is the second in less than a month for the Investment team, following the sale of Lawton House at Trentham Lakes to a private investor for more than£1.5m.
Andrew said that the deals demonstrated high confidence in the Stoke office market.
“We have been encouraged by the increased headline rents achieved over the last 12 months, and believe that rental growth is likely to continue through 2018 as the supply of modern vacant space reduces further and with no imminent plans for any new speculative office development in the area.
“As with the Lawton House buyers, M7 are not Staffordshire-based, which further cements Stoke on Trent’s position as an attractive investment market for commercial property,” he added.