Former Egg Bank HQ sold to major investment firm
The former headquarters of the UK’s first online bank has been sold in a deal valued in excess of the £18.6m asking price.
Commercial property agent Innes England has completed the sale of what was previously the home of Egg Bank, a 127,975 sq ft call-centre and lifescience hub on Pride Park, Derby.
Sold to Regional REIT, the site is now known as Orbis 1, 2, and 3, will continue to house its existing tenants.
The site was constructed in 1998 to be the home of Egg, which was later acquired by Barclays and Yorkshire Building Society, and was one of the seminal businesses in the growth of Pride Park.
Ben Robinson, head of investment at Innes England, said: “This site was an attractive investment opportunity for any buyer and we’re pleased to have secured a great price for our client.
“Innes England’s successful letting campaign during the pandemic demonstrated the resilience of the property and location plus the low average rent and lack of good quality space above 20,000 sq ft in the locality will help drive the rental tone going forward.
“As one of the Midlands’ most prominent commercial agents, we know the market inside and out and are pleased to see Pride Park continue to thrive with more strong investment.”
The site is currently let to DHU Healthcare, which provides the NHS 111 service, Firstsource Solutions, which provides customer care to Sky and Virgin Holiday customers, and Tentamus Group, one of the world’s largest life science organisations.
New tenants DHU Healthcare and Tentamus Group have spent a combined £5m on recent fit-outs.
Stephen Inglis, who represented purchaser Regional REIT, said: “We’re delighted to have secured the acquisition of one of Derby’s most attractive office assets. This immediately income-generating property will add a further source of revenue to Regional REIT’s diverse portfolio of regional offices.”
Matt Hannah, managing director at Innes England, said: “Our investment, acquisitions, and disposals services are unparalleled in the East Midlands and we were pleased to secure an attractive buyer for this enviable investment in Derby.
“Earlier this year, our Market Insite report revealed that investment in the East Midland’s so-called golden triangle of Derby, Leicester, and Nottingham reached a record-breaking £2.29 billion in 2021, 71% above the five-year average. It’s an exciting time for the region, for residents, business-owners, and investors.”
