A private investor has bought a Warwickshire office building occupied by Bridgestone Tyres for an undisclosed, seven-figure sum.
Harris Lamb‘s investment team was instructed to purchase Bridgestone House, located on Tachbrook Park in Leamington Spa, on behalf of the client.
The 13,716 sq ft two-storey office building was marketed with an asking price of £2,750,000.
Neil Harris, of the investment team, said: “Leamington – and Warwickshire as a whole – is a great location for investment opportunities. Its convenient access to both London and Birmingham make it a desirable location for a business, and the town’s commercial estates attract have low vacancy rates and a good mix of regional and national occupiers.
“Our client was keen to identify an investment opportunity within the area, and this building, built in 1997 and occupied by Bridgestone Tyres, represented an excellent acquisition.
“The building is currently et to Bridgestone UK Ltd on a Full Repairing & Insuring lease, which expires at the end of September 2027, with a tenant only break option on 28 September 2022. The passing rent is £220,000 per annum.
In addition, planning permission is in place for a two-storey extension of 4,606 sq ft together with an additional 24 car parking spaces at the site.
The business submitted bids for the property on behalf of the unidentified client, and successfully secured the building for an undisclosed figure in excess of £2m.
Neil added: “Demand for such investments within the region is high, so we were delighted to negotiate and secure this acquisition on our client’s behalf for less than the asking price.
“There has been very limited recent office development activity due to constrained development funding, lack of speculative development and scarcity of sites within the Midlands as a whole, but in recent years the occupational market has improved considerably with an increasing number of occupier requirements and hardening incentives.
“This, teamed with the fact that this headquarters has a long-standing, reputable and secure client on a long-term lease, made it a very attractive acquisition.”
