PAI member firm Powell Lloyd has completed the purchase of three separate business park investments over the lockdown period. The properties comprise Units A, B & C Cedar Court Office Park in Wakefield, Units 4, 5 & 6 Europa Court, Sheffield Business Park and Gordano House in Easton-In-Gordano, Bristol with a combined value of £6.875m. The purchases were made on behalf of a private investor.
James Sanders, Director at Powell Lloyd commented; ‘With very little transactional activity since the lockdown we are pleased to have completed on these three separate investment purchases on behalf of our retained private client. Our requirement brief was to source well located, regional, out of town offices with strong tenant line ups. These assets fulfilled that criteria. Despite the market uncertainty we continue to seek more opportunities of a similar nature.’
Cedar Court in Wakefield was purchased from Kindale and comprises three detached office buildings (one sold off LLH) on a well located business park at Junction 39 of the M1 motorway. The total floor area is 12,600 sq ft with rents off £12 psf. The asset was purchased for £1.673m showing a net initial yield at 8.52%. Wade Property Consultants acted on behalf of the vendor.
Europa Court, Sheffield comprises three detached office buildings (one sold off LLH) let to HSBC and Gleeson Plc. The property was purchased for £2.5m showing a net initial yield at 8.5%. Stephenson Day represented the vendor. Wade Property Consultants acted jointly on the purchase.
Finally, Gordano House in Bristol comprises a refurbished office let to Etex Building Performance Ltd with an unexpired term of circa 6.5 years. The property is very well located being on the Portbury Dock and in close proximity to the M5 motorway. The property was purchased for £2.7m showing a net initial yield at 8.21%. Hartnell Taylor Cook advised on the sale.
Pictured (clockwise from left to right): Gordano House, Cedar Court and Europa Court