Two Stoke office buildings sold for £3m

Two office buildings in Stoke have been sold to an investment company for £3.3m.

Harris Lamb has sold the properties at Etruria Office Village to M7 Real Estate, in a deal providing an initial yield of 9 per cent.

The multi-let properties, built in 2006 and totalling 30,643 sq ft and 120 parking spaces, are currently let to the Crown Prosecution Service, the Probation Service and Thompson Solicitors.

This is the second office investment sale overseen by Harris Lamb in less than one month, following the sale of Lawton House at Trentham Lakes business park to a private investor for more than £1.5m.

Andrew Groves, of Harris Lamb’s Stoke office, said: “These are high-specification office buildings with high profile, established occupiers, making them an excellent acquisition for M7.

“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.”