Acting on behalf of a private client, Goadsby have sold the Nova Building to an overseas purchaser at the quoting price of £3.5 million. The Nova Building offers commercial space on the ground and first floors with a total of 56 residential units above. The office on the ground floor extends to approximately 17,035 sq ft and is occupied by Amigo Management Services Ltd with the first floor extending to approximately 9,157 sq ft and is occupied by Organix Brands Ltd. Both suites are fitted out to a high specification with the first floor benefiting from dedicated parking in the multi-storey car park adjacent to the building.
Tom Chapman, Manager of Investment Consultancy commented, “The Nova Building is an imposing landmark building in Bournemouth’s Town Centre. From when we started our marketing campaign we received a strong amount of interest due to its location and strong covenant strength of the tenants in occupation. We achieved the quoting price of £3.5 million which reflects a net initial yield of 8.07%. This is an encouraging sign that office yields are continuing to strengthen and we are noticing an increase in investors looking for opportunities along the South Coast as stock in London gradually dries up, and investors not being able to get the returns that they are looking for. Goadsby Property Management Department assisted with pre contract enquiries and also manage the service charge collection on behalf of Maple 261 Ltd”.
