Ibis Court, Warrington

Property description

• A modern, detached, two-storey office building providing 8,287 sq ft of accommodation in Warrington Centre Park, an established office park on the fringe of Warrington town centre. B8RE originally acquired this property on behalf of our client, who subsequently was able to agree a reversionary lease with the tenant, resulting in an overall unexpired term of circa 12.5 years to Parasol Limited.
• Following this re-gear B8RE were instructed to sell the property, which was presented to potential buyers as well as circulated widely to the market.
• Whilst the investment market for out of town office investments was not necessarily strong at this moment in time, our ability to highlight the particular strengths of this opportunity meant that sufficient interest was generated to achieve a value in excess of the asking price.
• The investment was sold to MGTS St Johns High Income Property Fund for a price representing a net initial yield of 7.2%.