Investment – Etruria Office Village: Stoke on Trent
BUILDINGS 1 AND 2 ETRURIA OFFICE VILLAGE:
SALE PRICE: £3.3M
NET INITIAL YIELD: 9%
Harris Lamb’s Investment team was instructed to sell two high-specification, multi-let properties at a popular Stoke business park on behalf of a private client.
At the time of the sale, the multi-let properties, which total 30,643 sq ft and provide 120 parking spaces were let to the Crown Prosecution Service, the Probation Service and Thompsons Solicitors.
Prior to the sale, Harris Lamb provide a range of services on the building to include marketing vacant space, managing the properties and the building consultancy team advised on dilapidations and refurbishment.
The high-profile, established occupiers made the properties an attractive acquisition, with investment company M7 Real Estate securing the purchase at a price of £3.3m – providing a net initial yield of 9% on the income.
The sale resulted in a further instruction to the Agency team, which was retained and instructed to market a vacant floor of 5,000 sq ft.
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