Property consultants sell law firm’s headquarters

Harris Lamb has sold a law firm’s Telford headquarters in a £1.8m sale and leaseback investment deal.

The property consultants advised Kaye Developments on its three-storey headquarters, The Foundry, on Euston Way Business Park, before placing it on the investment market.

The 15,861 sq ft property will be let to Martin Kaye on a 10-year lease at an initial rent of £170,506 per annum. The second floor was sublet to Incessant Technologies in 2016 at a passing rent of £56,810 per annum.

Alex Eagleton of Harris Lamb’s investment team, said: “We were able to provide the business with advice and recommendations on a sale and leaseback of its premises in relation to lease terms, rent and achievable sales prices, and set a market price of £1, 835,000, reflecting a yield of 8.75% and representing a capital value of £116 per square foot.

“We received a number of expressions of interest from investors, property companies and high net worth individuals, who were then invited to submit best and final bids for the property, with the successful buyer, a private investor, securing it for a figure in excess of the asking price.”

The buyer has not been named.