Endeavour House, which is a multi let office building at Parkway Court in Plymouth has just been sold. Joanne High, Associate at PAI member Vickery Holman reports “The investment market remains buoyant and this sale just proves the appetite in the market for good quality investments.”
The property comprises of three self contained offices, totaling 8,550 sq ft over ground and first floors. The property produces a rent of £80,000 per annum from three tenants, being, Guinness Trust, Cisco Homes and Will’s Accountants.
The property sold for £825,000 which reflects a net initial yield of 9.2% allowing for purchasers cost of 5.59%.
Mike Oldrieve Head of Investment at Vickery Holman comments “Acting for one of our private investors we were pleased with the level of interest and continued popularity of Parkway Court as an office location. Offices are not as heated as industrial, which does mean there are still good returns to be earnt from commercial property.”