An office at one of the leading business parks on the South Coast has changed ownership.
In a deal through commercial property consultancy Vail Williams LLP, a private property investment company purchased St Andrews House, 4400 Parkway, Solent Business Park, Whiteley, near Portsmouth.
The two-storey Grade A office, with 40 car parking spaces and close to junction 9 of the M27, was sold for a net price of £1.55m with a stepped initial rent.
Russell Miller, a Vail Williams partner covering the Solent region, said: “Vail Williams’ Solent-based investment team was asked by the owner to dispose of the property investment, which was let by the practice last year for 10 years to LeadStream.
“An offer made by a private property investment company, close to the asking price, was accepted.
“The location of St Andrews House is sought after because it is close to the M27 Corridor, between Portsmouth and Southampton, with a large employment pool, and on a premier business park, which was originally developed by Arlington in the late 1980s.”
St Andrews House, a detached building of 9,116 sq ft, is occupied by LeadStream, an online customer acquisition service for the financial services industry.
Vail Williams’ Solent property investment team provides advice to private investors, property companies and funds looking to buy and sell commercial property investments in the region.
The practice acted for a number of investors over the years at the St Andrews House site, including acquiring the land for Rok Development, which speculatively developed The Links office campus, upon which St Andrews House was built in the early 2000s.
