FOLLOWING the recent run of success in securing new occupiers at the highly successful Sherwood Park office development in Nottingham, Highbridge Properties has now found further success in the capital markets.
The final letting of the remaining floor of Geneva I to Mentor Graphics, led the way to the sale of the head leasehold interest in Geneva I and its twin, Geneva II, to Whitehouse Construction Company’s Retirement Scheme as a fully income producing investment opportunity.
The Geneva buildings, which are of identical construction and size, each providing a total floor area of 7,241 sq ft with 36 car spaces, are let to White Young Green, Mentor Graphics and Matrikon (trading as Honeywell).
The units provide a total income of just under £180,000 a year and the purchase price reflects a rate of £92 per sq ft. This is the first of many sales planned by Highbridge, which has recognised an improvement in the market for well-let commercial investment property in the East Midlands.
Garry Ward of Highbridge said: “Given the strong tenant line-up and high quality of product, the Geneva buildings offered an investment opportunity that was both secure and one that paid a meaningful rate of return. I am delighted with the result achieved for all parties.”
The transaction was negotiated by Innes England and NG Chartered Surveyors.
Chris Sinclair of Innes England said: “We were delighted to secure a sale of this excellent office investment to Whitehouse Construction Company’s Retirement Scheme.
“It was always the plan to release investment stock into the market upon the completion of lettings of the various buildings within the Lakeview scheme. We anticipate more sales will follow as the occupier market continues to improve and further space is taken.”
The purchaser was represented by Salloway Property Consultants.
Salloway associate director Jenny Clarke said: “I was delighted to be able to secure this opportunity on behalf of our client, Whitehouse Construction Company Retirement Scheme. My client was keen to acquire the premises as it offers high specification office accommodation situated in a prominent location. The investment suited Whitehouse’s criteria and I was very pleased with the speediness of the transaction by all parties involved.”
Robert Sear of Whitehouse Construction added: “We are delighted to have secured Geneva I and II at Sherwood Park. These commercial offices help expand our property portfolio whilst also representing a good long-term investment for our company. The transaction was completed swiftly, without any issues, which is credit to all the parties involved.”