Twin office sales expected to net more than £3.6m
The sale of two office buildings in Stoke-on-Trent is expected to yield more than £3.6m.
Harris Lamb’s Investment team has been instructed to sell the two properties – 1 and 3 Etruria Office Village.
The buildings have a combined floor space of 30,643 sq ft, including 120 car park spaces, and are occupied by established tenants, the Probation Service, the Crown Prosecution Service and Thompsons Solicitors.
Andy Groves, of Harris Lamb, said he anticipated high levels of interest in the proposition due to the string demand for such facilities.
The buildings are located on the city’s mixed-use business park, Festival Park, an established commercial centre with neighbours including Royal Mail, Bet365 and Vodafone.
The asking price, which is in excess of £3,650,000, would reflect a net initial yield of 9.75%.
Mr Groves said: “This is an opportunity for an investor to acquire two 10-year-old modern office buildings. The location has seen significant new development in the last 18 months with the construction of the new Bet365 headquarters next door and on the opposite side of the road, DPD Parcels and West Midlands Ambulance Service have both taken occupation of brand new buildings.”
“The buildings currently have a rental income of £379,000 per annum giving a very attractive return of 9.75%.”
The said the firm was dealing with a number of private investors keen to enhance their portfolios with both commercial and industrial sites occupied by secure, reputable tenants.
“We are confident that the Etruria Office Village opportunity will prove an attractive acquisition,” he added.
The deal is the latest in a number of investment transactions overseen by Harris Lamb in recent months, including the £16m sale of Gateway 28 in Nottingham, the sale of the multi-let Central Works industrial estate in Dudley, the £2.7m sale of Nene House in Northampton and the acquisition of the Trafford Industrial Park in Redditch.
