Forelle Estates is an active investor in the Southampton market and adds Arcadia House to its two existing office buildings in Ocean Village.
The 20,800 sq ft building was acquired for £4.9m and is let to BDO on an unexpired term of six years, reflecting a net initial yield of 7.8%.
Lambert Smith Hampton's involvement:
Lambert Smith Hampton’s Director of South Coast Capital Markets, Jerry Vigus, explains how the off-market deal occurred: “Lambert Smith Hampton utilised contacts and market knowledge to approach the agents for the sale of Arcadia House, securing it ahead of market competition.”
Mike Price, Managing Director of Forelle Estates, adds: “We are very pleased to have added Arcadia House to our holding of quality office properties in Ocean Village, which is an increasingly popular destination for businesses in Southampton. Lambert Smith Hampton delivered this exciting opportunity and gave us all the advice needed in the acquisition.”