Commercial agents at Harris Lamb have sold a high-profile office building in Stoke to a private investor for £1.75million.
The business, working alongside Cushman & Wakefield were instructed to sell the modern headquarters building in Etruria Office Village, reported high levels of interest from investors keen to add the property to their portfolio and as a result secured the quoting price for the opportunity.
Set on a 1.16-acre site with excellent connectivity, the 17,952 sq ft two-storey detached building has 75 parking spaces and is located just minutes from the national motorway network.
The entire property is let to DPD Group UK Ltd on a 15-year lease expiring in 2032.
Andrew Groves of Harris Lamb’s Stoke office said: “This was an exciting investment opportunity, and the strong level of early interest generated reflects the quality of the tenant, the building and its strategic location in Stoke.
“Etruria Office Village is an established office location located on Festival Park which is a high-quality mixed-use business, leisure and retail park. DPD Group has been on Festival Park since 2015 when they constructed a bespoke 60,000 sq ft parcel depot and then subsequently took occupation of the offices in Building 4 Etruria in 2017.
“With a passing rent of £225,500 per annum, the investment provided an attractive net initial yield of 12.13% and a low capital value of £97 psf allowing for purchaser’s costs of 6.44%.
“We are delighted to have overseen this deal, which demonstrates that there is a continued demand from investors for quality office accommodation in strong locations providing good reletting prospects in the future,” he added.
Extending to more than 300 acres, Festival Park is a modern mixed-use hub incorporating office buildings, retail park, a 150-bed hotel and a significant amount of modern industrial / logistics space. Surrounding office occupiers include Bet 365, Vodafone, Dains Accountants, and West Midlands Ambulance Service Hub.
