A 22,875 sq ft pre-let office development in Warwick has been sold in a £5,465,000 deal.
The property, located on Tournament Fields Business Park, has been acquired by Wesleyan Assurance Society from Sackville Developments (Warwick) Ltd, which is owned by CWC Group.
Geberit Sales Limited, part of the global Geberit Group, which specialises in the manufacture and supply of sanitary products and systems, has agreed a 15 year pre-let on the building.
Geberit currently occupy a smaller office on Tournament Fields and is relocating to facilitate the expansion of the business.
When complete the new two-storey office will comprise 22,875 sq ft of Grade A accommodation, a separate garage, plus 87 car parking spaces. Practical completion is scheduled for February 2017.
Jonathan Devaney, a partner in the capital markets team at Knight Frank in Birmingham, advised Wesleyan Assurance Society on the acquisition.
He said: “There is a shortage of good quality office stock in Warwickshire. As a consequence, we anticipate that the resultant squeeze on supply will lead to further rental growth.
“Tournament Fields is a successful scheme and the remaining development land is one of the few remaining employment focused sites in Warwickshire.”
Savills and Wareing & Co advised Sackville Developments.