Highcross secures £8.9m sale of office complex

PROPERTY investment company Highcross has sold a 39,000 sq ft office building for £8.9m in Rugby.

The unit at its iQuarter office and industrial development at Central Park has been bought by Henderson Global Investors.

The property was pre-let to critical communications services provider Airwave Solutions in late 2007, on a 25-year lease with a break clause at 15 years.

The high specification office building currently rents at £675,000 pa and the sale reflects a net initial yield of 7.15%, rising to 8.1% in 2013.

Located adjacent to junction one of the M6 and close to the M1 motorway, the 11-acre iQuarter scheme was completed by Highcross and Danescroft Commercial Developments in 2008.

The Airwave Solutions building is the largest unit at the development, which also includes 13 industrial/warehouse units, a 25,000 sq ft office building and eight smaller terraced office units.

Set in a 2.55 acre site, the office building has almost 150 car parking spaces and provides open plan flexible space centred round a landscaped courtyard.

Chris Mills, commercial development director at Highcross, said: “This significant investment deal reflects the quality of the occupier, the development and the location, right by junction one of the M6.

“We have been very pleased with the success of our iQuarter scheme – all of the industrial warehouse space is already let or sold and this latest sale further underlines the attraction of Rugby as a business location.”

Other companies currently occupying units there include computer firm Hewlett Packard and US car parts manufacturer Orscheln.

Lambert Smith Hampton and M3 acted for Highcross in the sale of the building while Mason Philips acted for Henderson Global Investors.