NHS headquarters sold in £1.5m deal

The headquarters of the North Staffordshire Combined NHS Trust has been sold to a private investor in a deal worth more than £1.5m.

Harris Lamb’s Investment team brokered the deal for Lawton House, located at Trentham Lakes, Stoke-on-Trent.

The original landlord, which let the building to the NHS five years ago, instructed Harris Lamb to market the 13,000 sq ft office property, with offers in excess of £1.36m being invited.

Andrew Groves, of Harris Lamb’s Stoke office, said: “This was a very attractive opportunity for investors to purchase a freehold, self-contained office building on one of the region’s premier business parks.

“As a detached, modern property with 57 parking spaces and excellent transport links, the property is a highly desirable property with the NHS Trust in occupation for the next four and half years, making it an excellent acquisition for smaller investors.”

The NHS Trust holds a lease at the site until August 2022, at a rent of £130,000 per annum.

Mr Groves added: “As anticipated, we experienced high levels of interest in the property, with the successful buyer purchasing it for more than £1.5m, equating to a net initial yield of 8%.

“The Stoke-on-Trent office market is now showing some genuine signs of improvement, having been hit hard during the recession. I’m particularly pleased with this sale attracting interest from several investors outside the Staffordshire area who have identified Stoke as an improving marketplace.

“With no planned speculative office development in the area during 2018, and with availability of high quality office space reducing, opportunities to acquire buildings of this calibre are extremely well received by investors.”