CBRE has sold Lakeside House, Northampton, for £17.7 million to property investment company Topland Group.
The sale follows the appointment of Tim Perkin and Tom Webb, of CBRE, as LPA Receivers of Lakeside House in September 2011. The sale was effected by the Loan and Corporate Recovery team on behalf of the original lender to the asset.
The deal represents a net initial yield of 8.65 per cent.
Lakeside House is a 101,000 sq ft prime office building located on The Lakes, Northampton’s premier business park. It is fully let to the National Grid and attracts an annual rent of more than £1.62 million per annum on a lease with a break option effective July 2022.
Andrew Meikle, a director in the Capital Markets team at CBRE in Birmingham, said: “The sale of Lakeside House demonstrates that investors still have a strong appetite for high quality, fully-let regional office buildings where fundamentally strong lease terms and covenants are presented.”
Situated close to Northampton town centre and within four miles of the M1, Lakeside House is strategically positioned between London and Birmingham. It benefits from excellent transport links with Northampton’s main rail station providing connections to London Euston and Birmingham New Street in less than 60 minutes, and Birmingham International and London Luton Airports are around 50 miles away.
