Northampton office building sold for £8m

Picton has completed the sale of two office assets, both in separate transactions with Local Authorities.

The Group has sold 800 Pavilion Drive, Northampton, a detached office building, let to Ricoh UK on a lease expiring in June 2023. The price of £7.95m reflects a net initial yield of 7.5% and 13% uplift to the independent March 2018 valuation.

Picton has also now completed the sale of Merchants House, Chester, receiving £3.85m, with a further £115,000 top up payment due on or before 2023.

Michael Morris, chief executive of Picton Capital, said: “We are pleased to have completed these disposals enabling us to capture recently created upside. We intend to use these proceeds to further reduce our debt position in the short term, ahead of reinvesting into suitable investment opportunities.”