Manchester-based David Samuel Properties has acquired Ley Court, a 33,215 sq ft multi-let office development on Barnwood Business Park in Gloucester. The privately-owned investment company purchased the freehold for an undisclosed sum from Aviva Investors.
The Gloucester office of Alder King and Wade Property Consultants in Leeds advised on the acquisition. CBRE represented the vendor.
Ley Court comprises four units across two detached buildings and is heavily underpinned by leases to the First Secretary of State, Raytheon Systems and Bennett Gould & Partners. The annual rental income is £278,040.
It also offers the opportunity for further rental growth through the refurbishment and letting of Unit 18C. This self-contained building is currently vacant and Alder King has been appointed agents.
The 6,544 sq ft unit provides largely open plan space over three storeys which will be refurbished prior to the next tenant taking occupation. It also includes 16 allocated car parking spaces and is available on a new lease.
John Hawkins, associate at Alder King, said: “Ley Court offers secure long-term income as well as growth potential through strategic asset management and was therefore an excellent addition to David Samuel’s portfolio. We are now instructed to market the only available unit in the scheme.
“Demand for office accommodation in Gloucester is very buoyant, particularly in out of town locations like Barnwood. This is a well-established business park, with a wide range of high profile occupiers. Once refurbished, this unit will provide very high quality accommodation.”