Investor snaps up office development
A Staffordshire office development has been sold for £10.8m to institutional investors.
Three office buildings totalling 43,000 sq ft at Lichfield South office, technology and leisure park have been acquired by clients of Blue Marble Asset Management from Lingfield Assets.
The properties are predominantly let to Voyage 1, Dimension Data Network Services and Ascom (UK) and the deal reflects a net initial yield of 7%.
Steve Benson, investment director at Savills, said: “This prime office investment opportunity attracted significant interest thanks to the quality occupier line up and attractive yield.”
Lingfield has recently received detailed planning consent for 135,000 sq ft of business space on the park, next to the three office buildings.
It is part of its plans for the 23-acre site, which also includes David Lloyd Health & Racquets Club, Holiday Inn Express, restaurants and cafes.
