Harris Lamb’s Investment team has sold an office building in Stoke on Trent to a private investor for more than £1.5 million.
Lawton House, located at Trentham Lakes, is currently used as Headquarters to the North Staffordshire Combined NHS Trust after the business let the building to the NHS five years ago.
The business was instructed by the owners of the 13,000 sq ft property to place it on the market inviting offers in excess of £1.36 million.
Andrew Groves, of Harris Lamb’s Stoke office, said: “This was a very attractive opportunity for investors to purchase a freehold, self contained office building on one of the region’s premier business parks.
“As a detached, modern property with 57 parking spaces and excellent transport links, the property is a highly desirable property with the NHS Trust in occupation for the next four and half years, making it an excellent acquisition for smaller investors.”
The NHS Trust holds a lease at the site until August 2022, at a rent of £130,000 per annum.
Andrew added: “As anticipated, we experienced high levels of interest in the property, with the successful buyer purchasing it for more than £1.5m, equating to a net initial yield of 8%.
“The Stoke on Trent office market is now showing some genuine signs of improvement, having been hit hard during the recession. I’m particularly pleased with this sale attracting interest from several investors outside the Staffordshire area who have identified Stoke as an improving marketplace.
“With no planned speculative office development in the area during 2018, and with availability of high quality office space reducing, opportunities to acquire buildings of this calibre are extremely well received by investors,” he added.