A four-storey office headquarters investment in Southampton has been sold on behalf of private investors through regional commercial property agency Hughes Ellard.
Kings Park House in Kings Park Road, in the heart of Southampton’s professional services’ business district, was sold for close to the asking price of £3 million.
Kings Park House comprises 14,170 sq ft (1,316 sq m) and is let and occupied by regional legal firm Coffin Mew for a further nine years – the tenant has been resident since 1989.
This office investment property deal is believed to be one of the largest of its kind by value in the city centre in recent years.
Hughes Ellard, which has an office nearby in The Avenue, acted for the private investors, who sold to real estate investment company R T Warren (Investments) Ltd, headquartered in Chalfont St Peter, Buckinghamshire.
Rebbeck Brothers of The Square, Bournemouth advised the purchaser.
Russell Mogridge, Director at Hughes Ellard’s investment agency team, said: “The property sale represented a very healthy net initial yield of just over 8%, showing the value of freehold commercial property which has been held as a long-term investment vehicle.
“Kings Park House was sold for close to the asking price of £3m, representing one of the largest deals of its kind by value in the city centre in recent years.”
