Lothbury Investment Management Limited, on behalf of Lothbury Property Trust, has disposed of Willow House on Norwich’s Broadland Business Park to a South African-backed property fund.
The 61,777 sq ft (5,684 sq m) property, which was one of the first office buildings to be built on Broadland Business Park and completed in 2005, has been sold to First World Hybrid Real Estate plc for £12,875,000, representing a yield of 6.31%.
The four storey block has been fully occupied by Aviva plc since its completion and 10 years remain on the lease.
Ed Hockley, Director at Lothbury Investment Management, said: “This is a good disposal for the Fund, and the asset has performed well for us. We look forward to redeploying the proceeds into our development projects and new investments in our target sectors such as Industrial and Alternatives”.
Broadland Business Park is Norwich’s premier business location, providing Grade A office and logistics/commercial accommodation. Occupiers include Aviva, NHS, Start-rite Shoes, Bertram Books, Tax Assist Accountants, Lovewell Blake, Lovell and Persimmon Homes.
Savills represented Lothbury; Lindley Mortimer represented First World Hybrid Real Estate.