Harris Lamb has acquired a Rugby office building for more than £2 million on behalf of a private investor.
Eleven Arches House on the Leicester Road, is currently fully let, and further to the deal, the business has been tasked with managing the building.
Gert Corfield, of Harris Lamb’s Management team, said: “This deal has been a real cross-selling effort across the whole agency, with our Building team overseeing the surveys, our Investment department negotiating the purchase, and myself and my colleagues now taking on responsibility for the day-to-day management of the property.
“The property is the latest in a portfolio that our client is building up, which also includes an industrial property in Telford and a retail site in Leicestershire, both of which we acquired for them within the last six months.”
The modern building, which occupies 14,113 sq ft and includes 68 car parking spaces, is let to three tenants, producing a rental income of £179,000 a year.
The asking price of £2,105,000 represented an eight per cent net initial yield.
The building benefits from excellent access links, being located on a key route from Junction 1 of the M6 to Rugby town centre, with easy access to the train station and local amenities.
More than half of the property is occupied by British Gas, with Heart Of England Training letting the remaining space.