SHERWOOD RISE OFFICES SOLD TO UNISON

Office News

FHP Property Consultants, acting on behalf of private landlords, have completed the sale of offices at Vivian Avenue, Sherwood Rise totalling 17,000 sq ft to the tenants, UNISON.

David Hargreaves, who negotiated the transaction, said:

“I originally let these offices to UNISON 15 years ago when the property was refurbished by our client and they have been the tenant ever since.  Our client decided to sell the investment and appointed FHP to act on his behalf.  The logical buyer was the tenant and I therefore approached them accordingly.”

Hargreaves went on to say:

“With low interest rates and a strong property market, it currently makes sense for tenants to buy in their freehold interest where the opportunity presents.

UNISON, who were paying a rent of £197,500 per annum and had just 4 years left on the lease, have been able to substantially reduce their occupational costs of this property whilst securing flexibility to sub-let surplus space.  We achieved a price of £2,050,000 (£120/sq ft) for our client which was in excess of the investment value.   As far as I can see this is a “win win” for both landlord and tenant”.

UNISON were represented by James Baker of White Druce & Brown.

 

END

David Hargreaves

6 June 2017