Hortons’ Estate sells Coventry office development

Hortons’ Estate has sold Greyfriars Court, Coventry, in a £3.75 million deal.

First Urban has acquired the city centre office development from the Birmingham-based property company.

Greyfriars Court, on Greyfriars Road, comprises 50,000 sq ft of office space.

First Urban, a London-based property investment and development company, is exploring alternative uses for the building, including residential conversion and student accommodation.

Richard Norgrove, property director at Hortons’ Estate, said: “The sale of the property follows a strategy of rebalancing the existing portfolio. We were pleased to work with First Urban who conducted the transaction professionally.”

The deal reflects a net initial yield of six per cent.