Office building sold in multimillion-pound deal
An office building on a business park in Wolverhampton has sold for almost £4m.
Acting on behalf of Broadlands Wolverhampton, Knight Frank has sold Two Trinity Court on Wolverhampton Business Park for £3.9m.
The Domo Group of Companies acquired the freehold of the 18,060 sq ft office in a transaction representing a Net Initial Yield (NIY) of 7.28%.
The property is multi-let to tenants including Svenska Handelsbanken, Speller Metcalfe and Taylor Wimpey with a Weighted Average Unexpired Lease Term (WAULT) of eight years. The total passing rent of £302,461 a year reflects an average of £16.75 per sq ft.
Jonathan Devaney, partner in the capital markets team of Knight Frank in Birmingham, said: “This successful sale, above the quoting price, highlights the continued attractiveness of the park to occupiers and investors. Wolverhampton Business Park is home to numerous blue-chip occupiers and is firmly established as the prime office park for the Black Country region.”
The three-storey Grade A Trinity Court office building – along with the other buildings on the scheme – was developed in 2008 by vendor Broadlands Wolverhampton.
The first and second floors of the property recently underwent refurbishment, while the common areas, including the building’s triple-height atrium, are currently undergoing refurbishment.
