Helix Property Advisors, on behalf of Derby Property Investors, has sold the freehold of Wingfield House, Commercial Road, Portsmouth to Fairmount Development Limited for £8.7 million, reflecting a net initial yield of 12.9%.
The prominent city centre office building is government let to The First Secretary of State on a lease expiring in 2026. Totalling 94,540 sq ft (8,783 sq m), the 11-storey, 1970s built property provides an annual rental income of £1,125,000 (£11.90 per sq ft/£128 per sq m).
Ben West of Helix Property comments: “With such a sound covenant and strong potential for future redevelopment, it’s no surprise that this investment received a lot of interest and sold for well over the asking price.”
Fineman Ross advised Helix Property Advisors and Fairmount Development was advised by Whitmarsh Holt Young and Lambert Smith Hampton.
