The Capital Markets team of Knight Frank has sold One & Two Charter Court on Wolverhampton Business Park for £4,565,000.
Acting on behalf of vendor Broadlands Wolverhampton Ltd, a JV between Peveril Securities Ltd and B&R Properties Ltd, it completed the freehold sale to Landlark Investments in a deal reflecting a Net Initial Yield of 6.45%. The purchaser was represented by BNP Paribas.
One and Two Charter Court provide 2,120.5 sq m (22,817 sq ft) of office accommodation. Both properties are let to Charter Court Financial Services for a term in excess of 10 years. The recently Stock Exchange listed Charter Court Financial Services Group is expanding its presence at the park having recently committed to a new 2,286 sq m (24,606 sq ft) office building on the scheme together with a 250 space car park.
Jonathan Devaney, Partner in the Knight Frank Birmingham office, said: “We received strong interest in the investment from a range of private investors and property companies owing to the strength and success of the tenant, the high quality of the business park and its strategic location.”
Wolverhampton Business Park is situated at Junction 2 of the M54 motorway, approximately four miles to the north of Wolverhampton city centre.