GVA has completed its latest out-of-town office deal, leading and finalising the £3.6 million sale of the 26,000 sq ft Eden House at Walsgrave Business Park, near Coventry.
The two storey building has been acquired by the Education and Skills Funding Agency (ESFA), an executive body accountable for funding and provision of education and skills for children, young people and adults. The ESFA plans to convert the building into a Sikh secondary school.
GVA acted on behalf of the vendor, Business Village Limited.
Situated just off Junction 2 of the M6, Eden House has recently undergone a comprehensive Grade A refurbishment which has included the installation of comfort cooling, fully accessible raised floors and a double height reception area. The building also benefits from 145 parking spaces.
This is the latest in a recent flurry of sales and lettings activity in the Midlands out of town market, with the Coventry and Warwickshire areas proving particularly popular.
GVA has recently been instructed to market two office buildings at Coventry’s Westwood Business Park, with 34,000 sq ft at Welland House and 22,000 sq ft at 3, The Oaks.
There is also significant demand from occupiers seeking accommodation in the Coventry and Warwickshire area, with GVA acting on behalf of two undisclosed clients seeking new headquarters buildings totalling 90,000 sq ft and 50,000 sq ft.
Adrian Griffith, Director at GVA, said: “The out of town office market in Coventry and Warwickshire has been flourishing over the last couple of years and this latest deal at Eden House showcases the demand for out of town office space within the West Midlands.
“Value for money is the driving force behind the popularity of out of town locations in the region. While the region is not flooded with stock, there is a good range of high spec spaces in the region which typically have lower rents or prices than city centre buildings. Many benefit from excellent travel links to major roads like the M6, M40 and M42 as well, which makes them all the more attractive.
“The EFSA has shown great confidence in the region by purchasing Eden House, and we are continuing to see a number of enquiries for office space in Coventry and Warwickshire, with the market showing no signs of slowing down. We’ve recently placed a 32,500 sq ft refurbished building under offer in Warwick as well, which we expect to complete by the end of September.”
GVA’s offices team offers expertise in a number of areas including planning, development, workplace strategy, acquisitions and property management.
