Harris Lamb’s investment team has secured the sale of a period office building in Leamington Spa for £1.65m on behalf of Amodeo Investments Ltd.
The Gables, located on Kenilworth Road and occupied by Amec Environment & Infrastructure and Peak Gen Power Ltd, has been bought by a private investor.
The 11,000 sq ft freehold office building, set in 2.3 acres of landscaped grounds set back from the Kenilworth Road offers excellent transport links, being located just one mile outside Leamington Spa with close proximity to the M40 and the rail network, and is fully let on long-term leases.
The property also benefits from future alternative residential use, subject to planning consent.
Alex Eagleton, who negotiated the sale, said: “Investment interest across the Midlands is particularly high at the present time, and this represented an excellent opportunity to acquire a fully let, period building benefitting from an excellent location and transport links.
“The property has a passing rent of more than £122,000 per annum, and we presented the asset to the market seeking offers exceeding £1.6m on behalf Amodeo Investments Ltd, reflecting a yield of seven per cent.
“The Midlands has been highlighted in recent weeks as a prime investment opportunity and the strong pricing secured for this site and interest around it suggest that there will be increased demand against limited supply in the coming months,” he added.