Law firm’s head office changes hands in £830,000 deal
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A unit in Daventry has changed hands for £830,000 in an investment deal secured by commercial property agent Bromwich Hardy.
Unit 3 Caxton Close on the Drayton Fields Industrial Estate has been snapped up by an unnamed investor from vendors Sippchoice Trustees.
Bromwich Hardy founding partner Tom Bromwich said: “This is an excellent property in a good location and we are delighted to have been able to secure it for our client. It offers all the potential to realise a healthy return on the investment.
“It is occupied by Simply Conveyancing Property Lawyers as their head office on a ten-year lease which runs until September 2028 and is just the type of investment our client is looking for.”
Tom said the 9,530 sq ft unit, which includes a two-storey office block, should realise a net initial yield of more than six per cent, with the current rent set at £57,500 a year.
“The current occupiers have been at the site more than ten years and have fitted it out to reflect its role as their head office, so it is in excellent condition. Again, it shows that in the current market there is plenty of interest in the right types of property at the right price.”