STOKE OFFICE BUILDINGS PLACED ON THE MARKET FOR £3.6M
Harris Lamb’s Investment team has been instructed to sell two office buildings in Stoke on Trent.
The buildings, 1 and 3 Etruria Office Village are expected to net more than £3.6 million.
The buildings have a combined floor space of 30,643 sq ft, including 120 car park spaces, and are occupied by established, reputable tenants.
Andy Groves, of Harris Lamb’s Festival Park office, said he anticipated high levels of interest in the opportunity further to the business’ Investment team overseeing a number of sales of fully-let commercial sites across the UK.
The buildings, which are let to the Probation Service, the Crown Prosecution Service and Thompsons Solicitors LLP and are located on Stoke on Trent’s leading mixed use business park, Festival Park, an established commercial centre with neighbours including Royal Mail, Bet365 and Vodafone.
The agents are inviting offers in excess of £3,650,000, reflecting a net initial yield of 9.75%.
Andy said: “This is an opportunity for an investor to acquire two 10 year old modern office buildings let to the Secretary of State and a national firm of solicitors. The location has seen significant new development in the last 18 months with the construction of the new Bet365 headquarters next door and on the opposite side of the road, DPD Parcels and West Midlands Ambulance Service have both taken occupation of brand new buildings.”
“The buildings currently have a rental income of £379,000 per annum giving a very attractive return of 9.75%.”
“Our team is dealing with a number of private investors keen to enhance their portfolios with both commercial and industrial sites occupied by secure, reputable tenants. We are confident that the Etruria Office Village opportunity will prove an attractive acquisition,” he added.
The deal is the latest in a number of investment transactions overseen by Harris Lamb in recent months, including the £16m sale of Gateway 28 in Nottingham, the sale of the multi-let Central Works industrial estate in Dudley, West Midlands, the £2.7m sale of Nene House in Northampton and the acquisition of the Trafford Industrial Park in Redditch.