Investment sale of Rugby headquarter office building for £8.9m
On behalf of property fund managers, Highcross, we have completed the sale of a 39,000 sq ft headquarters building for £8.9 million at Central Park in Rugby.
The high specification office building, called iQuarter, has been pre-let to Airwave Solutions since late 2007 on a 25-year lease with a break clause at 15 years. The current rent is £675,000 per annum and the sale reflects a net initial yield of 7.15% rising to 8.1% in 2013. The building has been bought by Henderson Global Investors.
Nick Lloyd, Capital Markets Director, said: "The sale was achieved through close collaboration between our Northampton office and the London-based Capital Markets team."
Chris Mills, Commercial Development Director at Highcross, commented: “This significant investment deal reflects the quality of the occupier, the development and the location, right by Junction 1 of the M6. We have been very pleased with the success of our iQuarter scheme – all of the industrial warehouse space is already let or sold and this latest sale further underlines the attraction of Rugby as a business location."