Harris Lamb completes £2m office deal

PROPERTY company Harris Lamb has acquired a Warwickshire office building in a deal worth more than £2m.

Eleven Arches House, Leicester Road, Rugby has been acquired on behalf of a private investor.

The building is currently fully let, and further to the deal, Harris Lamb has been tasked with managing the building.

Gert Corfield, of Harris Lamb’s management team, said: “This deal has been a real cross-selling effort across the whole agency, with our Building team overseeing the surveys, our Investment department negotiating the purchase, and myself and my colleagues now taking on responsibility for the day-to-day management of the property.

“The property is the latest in a portfolio that our client is building up, which also includes an industrial property in Telford and a retail site in Leicestershire, both of which we acquired for them within the last six months.”

The building, which extends to 14,113 sq ft and includes 68 car parking spaces, is let to three tenants, producing a rental income of £179,000 a year.

More than half of the property is occupied by British Gas, with Heart Of England Training letting the remaining space.

The asking price of £2,105,000 represented an 8% net initial yield.