Tyre firm’s offices sold in seven-figure deal
A Warwickshire office building has been acquired by an undisclosed property investor in a seven-figure deal.
Bridgestone House, on Tachbrook Park in Leamington Spa, is occupied by Bridgestone Tyres.
Harris Lamb’s investment team was instructed to purchase the property on behalf of the client.
The 13,716 sq ft two-storey office building was being marketed with an asking price of £2,750,000 but the deal is thought to have been lower than this.
Neil Harris, of the agents’ investment team, said: “Demand for such investments within the region is high, so we were delighted to negotiate and secure this acquisition on our client’s behalf for less than the asking price.
“Leamington – and Warwickshire as a whole – is a great location for investment opportunities. Its convenient access to both London and Birmingham make it a desirable location for a business, and the town’s commercial estates attract have low vacancy rates and a good mix of regional and national occupiers.
“Our client was keen to identify an investment opportunity within the area, and this building, built in 1997 and occupied by Bridgestone Tyres, represented an excellent acquisition.”
He said there had been limited activity in the office market due to constrained development funding, lack of speculative development and scarcity of sites within the Midlands as a whole.
“However, in recent years the occupational market has improved considerably with an increasing number of occupier requirements and hardening incentives,” he added.
“This, teamed with the fact that this headquarters has a long-standing, reputable and secure client on a long-term lease, made it a very attractive acquisition.”
The building is currently let to Bridgestone UK on a full repairing and insuring lease, which expires at the end of September 2027, with a tenant-only break option in September 2022. The passing rent is £220,000 per annum.
In addition, planning permission is in place for a two-storey, 4,606 sq ft extension to the property, together with an additional 24 car parking spaces.
