A 60,000 sq ft office park in Plymouth, currently let to telecommunications provider, Everything Everywhere (EE), has been acquired by Oval Real Estate for £11.555m.
Acting on behalf of Topland Group plc, DTZ’s investment agency sold Langage Office Campus for £11.55m reflecting a net initial yield of 7.75%.
The property is let to EE until 24 December 2028, with a passing rent of £947,461. Formed in April 2010 following the merger of T-Mobile and Orange, EE is now the largest mobile communications operator in the UK and the office operates as a customer contact centre.
Located on Ashleigh Way, five miles north east of Plymouth city centre, the property comprises three modern interconnecting office buildings and is situated within an established commercial location within the city. The property was constructed in 2000 and was fully refurbished in 2008.
Cushman & Wakefield acted for Oval Real Estate.
