£5.5m deal for Warwickshire office block

AN office block has been sold at “one of the few remaining employment focused sites in Warwickshire” for £5.5m.

Wesleyan Assurance Society has bought the two-storey property, at Tournament Fields Business Park to the south west of Warwick, from the developers Sackville Developments (Warwick). Sackville is part of CWC Group.

The 22,875 sq ft office development has been pre-let to Geberit Sales, which is relocating from a smaller office on the business park.

Geberit, which specialises in the manufacture and supply of sanitary products and systems, has agreed a 15 year pre-let on the building.

Jonathan Devaney, a partner in the capital markets team at Knight Frank in Birmingham, advised Wesleyan Assurance Society on the acquisition.

He said: “There is a shortage of good quality office stock in Warwickshire. As a consequence, we anticipate that the resultant squeeze on supply will lead to further rental growth.

“Tournament Fields is a successful scheme and the remaining development land is one of the few remaining employment focused sites in Warwickshire.”

Practical completion is scheduled for February 2017. Savills and Wareing & Co advised Sackville Developments.