Acting on behalf of a Private Pension fund BE Group have acquired an office investment in Warrington.
The Private Pension fund has paid just under £100 psf for the office investment at 11b Olympic Park, Olympic Way, Birchwood, Warrington reflecting a Net Initial Yield of approx 13%. The self-contained office building sits on the popular Olympic Park development and comprises approximately 4,090 sq ft with 13 car spaces. It is let to Energos on a new five year lease at a rental of £51,125.00 per annum.
Energos is a leading supplier of small-scale clean energy recovery from waste plants and technology. It had been in occupation for five years prior to a recent lease renewal.
Simon Roddam Head of Agency at BE Group commented, “As the Warrington office market continues to improve, we are seeing fewer distressed asset disposals. Much like our client, we are delighted to conclude this property investment acquisition. We have been involved with a number of office investments recently with high returns on quality office space which is underpinned by vacant possession values.”
Ben Fallows of TFC acted on behalf of the vendor PWC Joint LPA Receivers for Olympic Park.