CCLA Investment Management Limited, acting on behalf of The Local Authorities’ Property Fund, has bought Globe House on Warwick Technology Park, Warwick from clients of CBRE Global Investors for £7.75m reflecting a net initial yield of 7.50%.
The 41,089 sq ft property, which is let to IBM for a further four years term certain, complements CCLA’s adjoining ownership, Iceni.
The passing rent at Globe House is £14.89 per sq ft.
CBRE Global Investors was represented by Griffiths Eccles and CCLA was represented by HSM and Bromwich Hardy.
Tom Bromwich comments:
“This is a good example of prime office building still proving attractive as an investment in the Warwick District”.