MODERN OFFICE INVESTMENT ACQUIRED FOR PRIVATE CLIENT
Acting on behalf of a private overseas client, Tim Harries & Partners acquired this modern freehold office and warehouse investment property let to MITIE, the multi-national services sector tenant, on a lease until 2021.
Located at the gateway to an established Business Park, the appeal of the property to the client was its strategic and accessible location in a pre-eminent business district well served by regional transport links, combined with the ability to occupy the property in independent parts by virtue of its flexible design and generous, twin-access cark parks, and the attractive yield profile for secure income.
The purchase price of £1.4 million reflected a net initial yield of 8.5% with good prospects for early rental growth at rent review.
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