WORCESTER OFFICE BUILDING SOLD FOR OVER £2 MILLION AS CONFIDENCE IN SECTOR INCREASES

Investment specialists at Harris Lamb have sold a Worcester office building for more than £2million as interest in the sector increases following the end of work-from-home Government guidance.

A former headquarter facility, Progress House on Midland Road became available as a freehold opportunity following the previous occupier’s relocation, and has been bought by a B2B marketing company.

The detached building, which has dedicated car parking for 49 vehicles, combines both open-plan and individual offices with ancillary meeting rooms over two floors, and is finished to a high standard,

Neil Harris, who oversaw the sale, said: “This comes as welcome news following an uncertain period for the office market. With work-from-home guidance in place for so many months, investors have understandably been extremely reticent to pursue opportunities within the sector.

“However, as businesses have returned to the office, so has confidence to the marketplace, and with freehold office opportunities being a rarity in the region, there was a lot of interest in this prominent building prior to a sale being agreed for a figure in excess of the £2 million asking price.

“Located less than a mile from Worcester City Centre, the 15,,000 sq ft building is set in a self-contained plot of 0.815 acres, offering the potential to develop the site further, while the property has superb access links, being located within just half a mile of both Worcester Foregate Street and Shrub Hill railway stations and three miles away from both Junctions 6 and 7 of the M5,” he said.

“Many businesses have assessed their workplaces over the past few months to ascertain how suited they are for a return to a near-normal working environment, placing particular emphasis on flexible working solutions, spacious layouts and accessible locations. As such we are seeing a significant increase in enquiries for office space across the region that meet those requirements moving forward.