It’s one of the largest acquisition deals of its kind in the Portsmouth region for many years.
Commercial property consultancy Vail Williams LLP has sold an educational building in the port city for £5.7 million on behalf of Highbury College, the local further education specialist.
The 48,409 sq ft City Learning Centre was acquired, with vacant possession, from the local college by the University of Portsmouth.
Russell Miller, a partner for the Solent region of Vail Williams, said: “The deal represents one of the largest freehold acquisition deals of its kind in the Portsmouth region for many years.
“Our client, Highbury College, instructed us to find a buyer for the City Learning Centre because it was surplus to operational requirements.
“There was strong interest for this unique building, with the offering of vacant possession also proving attractive to the purchaser.”
Russell added: “The £5.7m price equates to £118 per sq ft on the net area and £95 per sq ft on the gross internal area.”
James Brounger at CBRE in Southampton advised the purchaser.
In an announcement by the University of Portsmouth on the new ownership, Vice-Chancellor, Professor Graham Galbraith, said: “It’s vital that we provide the best facilities possible for our students.
“Highbury’s City Learning Centre only became available recently, with the purchase of a high-quality teaching building right at the heart of our campus a great opportunity.
“This is a valuable addition to our estate which will provide a great student experience.
“The new building has a good range of purpose-built learning facilities which will relieve pressure on teaching space across the University for some of our popular programmes.
“It will also enable us to relocate earlier than anticipated from some poor quality buildings. I’m grateful to colleagues and Highbury College for making this possible in a relatively short space of time.”