Avison Young and Danesborough Properties complete £11.8m investment acquisition

Avison Young’s investment team in Manchester, acting jointly with Danesborough Properties, has completed the acquisition of a state of the art, purpose-built call centre in Stoke-on-Trent, currently occupied by Vodafone, on behalf of Corum Asset Management for £11.8m.

The unit, based on the premier mixed-use business and retail park, Festival Park, extends to approximately 80,885 sq ft and includes 435 on-site parking spaces. Vodafone, which has a workforce of 1,200, recently removed its break option, which means the unit remains let for a further 10.2 years.

Adam Wildig, director in investment at Avison Young, said: “We are very pleased to have completed the acquisition of the unit on behalf of our client. The property is in a well-established location and is let to a very strong covenant, so it represents an excellent investment for Corum.”

Festival Park is also home to occupiers, Royal Mail, The Probation Service, Bet 365, The Crown Prosecution Service, Staffordshire Council, West Midlands Ambulance Service, Handelsbanken, Best Western Hotel and Farmhouse Inn.

Cushman & Wakefield acted for the vendor.