Two high quality office developments in Gloucestershire have been sold for more than £6 million, leading property consultancy Lambert Smith Hampton (LSH) has announced.
LSH in Bristol negotiated the sale of Miller Court, a 52,609 sq ft multi-let office campus in Tewkesbury Business Park, Tewkesbury, on behalf of Gladman, one of the UK’s largest developers of office and industrial accommodation.
After a number of enquiries, LSH, appointed sole seller’s agents, successfully agreed terms with M7 – a pan-European real estate asset manager – which bought the property for £5.55 million.
Darren Sheward, head of office at LSH in Bristol and the South West, who led the negotiations, said the sale represented a strong market price following competitive bidding for the complex of 13 self-contained units, all but two of which are let. It commands an annual rent of £546,515, equating to an overall rent of £11.35 per sq ft on the let accommodation.
“There is a huge weight of equity in the market for quality investment stock like this”.
There are an additional seven units in Miller Court that were sold off as freehold prior to M7’s purchase, and Darren said there is potential to deliver further individual freehold sales, where historically values in excess of £150 per square foot have been achieved.
Gladman also appointed LSH Bristol as joint seller’s agent with Alder King for 17 Wheatstone Court, in Waterwells Business Park, Gloucester, successfully negotiating a price of over £1 million to a private buyer.
This modern, high-specification building comprises 10,070 sq ft of accommodation and is let to All Fleet Services Ltd, achieving a rental of £110,700 per annum.
David Gladman, partner at Gladman, said: “These deals are examples of the high levels of activity we’re witnessing in the offices sector. We’re experiencing strong demand nationwide for modern business park offices for the service sector – all sizes from 1,000 to 25,000 sq ft.”
Gladman has also appointed LSH as joint agent to sell or let Unit 5, Portis Fields, a 5,250 sq ft detached office building on Middle Bridge Business Park, in Portishead, near Bristol.
The two-storey, air-conditioned property has suspended ceiling, recessed lighting, full access raised floors, passenger lift, and 22 car parking spaces. It has the potential to be let or sold as a whole or let on a floor-by-floor basis.
Pete Barrett, associate director of office agency, said: “Portis Fields is a very successful business park that is just outside the town centre and within easy access of junction 19 of the M5. It’s a key business location and we expect interest for Unit 5 to be very high indeed.”
