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Investment News
The property comprises two interlinked period office buildings occupying a prime office location in the centre of Leamington Spa and close to the main shopping facilities of The Parade.
The accommodation is arranged on lower, ground and three upper floors totals some 6,873ft² and is let in its entirety to Summersault Communications Limited with the guarantor provided by Motiv.com plc at a rent of £88,607 per annum.
The property is let on a 10 year full repairing & insuring lease from September 2008 with a tenants break clause at the end of the 5th year.
The building has been totally refurbished behind the existing façade and has the benefit of a total of 28 car parking spaces, 8 to the front and 20 the rear in a privately enclosed car park. The building also had the benefit of a lift.
A price of £1,040,000 was agreed to show an initial yield of circa 8% after allowances of costs.
Noel Roper who negotiated the transaction on behalf of the purchaser commented: –
“We were delighted to be able to secure this well let investment at a competitive tender. The building is in excellent condition and although occupying a Town Centre location has the benefit of 28 car parking spaces, a ratio equivalent to out of town offices”.
In due course Fisher Hargreaves Proctor will be instructed to acquire further commercial property investments for this investment company.
The vendors who were a charity were represented throughout by Hoddell Stotesbury Morgan