Sale and leaseback deal for office building completes

The sale and leaseback of an office building in Coventry for more than £700,000 has been completed.

The sale of 5 Sycamore Court in Birmingham Road, Allesley, was handled by Coventry-based commercial property specialists Bromwich Hardy on behalf of a private client.

The sale price was £715,000, plus a further £30,000 for land. Offices on the first floor have been leased back to the tenant.

Bromwich Hardy founding partner Tom Bromwich said: “There is a lot of talk about the future of office space as flexible working becomes more common, but transactions like this are evidence that the market is still alive and very well.

“As Coventry moves out of its year as City of Culture, it is great to see that the city is still a popular choice for businesses and property investors.

“The market is adapting well to these changing times and, with a bit of flexibility on both sides, deals are still being agreed and completed.”

The office block at 5 Sycamore Court is one of five in a secure gated business park.