Vodafone call centre acquired in multimillion-pound deal
A purpose-built call centre in Stoke-on-Trent, currently occupied by Vodafone, has been acquired in an £11.8m deal.
Avison Young’s investment team in Manchester, acting jointly with Danesborough Properties, completed the deal on behalf of Corum Asset Management.
The unit, based at Festival Park, extends to around 80,885 sq ft and includes 435 on-site parking spaces.
Vodafone, which has a workforce of 1,200, recently removed its break option, which means the unit remains let for a further 10.2 years.
Adam Wildig, director in investment at Avison Young, said: “We are very pleased to have completed the acquisition of the unit on behalf of our client. The property is in a well-established location and is let to a very strong covenant, so it represents an excellent investment for Corum.”
Festival Park is also home to occupiers, Royal Mail, The Probation Service, Bet 365, The Crown Prosecution Service, Staffordshire Council, West Midlands Ambulance Service, Handelsbanken, Best Western Hotel and Farmhouse Inn.
Cushman & Wakefield’s Manchester and Newcastle offices acted on behalf of the vendor, Brotherton Real Estate, while Avison and Danesborough Properties advised the purchaser, Corum XL.
Simon Marshall of Cushman & Wakefield, said: “The sale of Vodafone’s Midlands contact centre attracted strong interest from both Overseas and UK buyers. The tenant’s commitment to the building was undoubted, and provided for a quality unbroken income stream to a globally recognised brand.”
