Office complex acquired in £4m sale and leaseback deal
AN OFFICE complex on a West Midlands industrial park has been bought for nearly £4m in a sale and leaseback deal.
Archaylen Property has acquired 7 Binley Business Village, in Coventry, for £3.97m from the ExtraCare Charitable Trust, reflecting a yield of 6.35%.
The trust, which operates 28 housing villages and developments for elderly people, has signed a 25-lease to remain in the building as sole tenant, with five-yearly fixed rental uplifts linked to the Retail Prices Index.
The Birmingham office of consultancy Knight Frank advised Archaylen Property on the purchase of the 20,395 sq ft, 10-year-old building. D&P Holt acted for the trust.
Other tenants on the park include HSBC, Coventry Building Soceity, Nationwide and Jewson.
Archaylen Property is the operating name of a recently established family owned business, specialising in the sourcing and asset management of commercial and residential property.
Managing director Andrew Screech said: “This acquisition provides a bedrock of secure income for the business from which to build.
“Moving forwards, we will be seeking further modern properties in the office, industrial and residential sectors with genuine potential for rental and capital growth.”
Knight Frank investment agent Jonathan Devaney added: “Binley Business Village is one of Coventry’s premier business parks, boasting a strong range of corporate occupiers.
“This, together with ExtraCare’s strong financial status, made this a particularly attractive proposition.”
TheBusinessDesk.com/WestMidlands has moved to new offices at Birmingham Science Park Aston. Our new telephone number is 0121 250 5732.
