HARRIS LAMB ACQUIRES DERBY OFFICE BUILDING FOR PRIVATE INVESTMENT PORTFOLIO
Investment specialists at Harris Lamb have acquired a Derby office building on behalf of a private client for more than £1.4million.
The team was tasked with identifying a suitable office investment to complement an existing portfolio of Midlands properties, and further to a competitive bidding process overseen by Innes England, acquired 5 Mallard Way, in Pride Park, for above the guide price at an investment yield of circa seven per cent.
The two-storey office is currently let to cyber-security firm Webroot, and produces a six-figure annual revenue, with a further five years remaining on the lease.
Neil Harris, Director of Harris Lamb, said: “Derby has a strong and growing tradition in being home to a high number of technology companies and with this particular property currently being occupied by dynamic software business Webroot, it was an exciting sector of the market for our client to invest in.
“Webroot is a well-established, secure and growing occupier, having doubled its floorplate within Pride Park over the last six years.
“At 6,725 sq ft, this is a modern office building is let on a Full Repairing and Insuring Lease expiring in 2024, generating in the region of £104,000 per annum. A large site, it has the potential for further expansion by way of planning consent for an extension of up to 4,469 over two floors, meaning that our client has plenty of scope for growing its acquisition.”
Webroot, which provides network security solutions and corporate network protection, is part of a global software provider which was acquired by Carbonite for $618.5 million earlier this year.