Lingfield Assets LLP (part of the Lingfield Group of Companies), represented by Savills, has sold three office buildings at Lichfield South in Staffordshire to clients of Blue Marble Asset Management for £10.8 million. The deal reflects a net initial yield of 7%.
Lingfield Assets LLP (part of the Lingfield Group of Companies), represented by Savills, has sold three office buildings at Lichfield South in Staffordshire to clients of Blue Marble Asset Management for £10.8 million. The deal reflects a net initial yield of 7%.
Totalling 43,000 sq ft (3,994 sq m), the properties are predominantly let to Voyage 1 Ltd, Dimension Data Network Services Ltd and Ascom (UK) Ltd. They form part of the wider 23-acre (9.3-hectare) Lichfield South office, technology and leisure park. The scheme also includes David Lloyd Health & Racquets Club, Holiday Inn Express and various restaurants and cafes, all of which have been developed by Lingfield Assets LLP.
Lingfield has recently received detailed planning consent for 134,553 sq ft (12,500 sq m) of open B1 uses (business space) on the park, adjacent to the three office buildings. Located at Junction 5 of the M6 Toll, Lichfield South offers strategic connectivity to the UK motorway network and Lichfield Trent Valley rail station, connecting with Central London and Birmingham International Airport.
Steve Benson, investment director at Savills, comments: “This prime office investment opportunity attracted significant interest thanks to the quality occupier line up and attractive yield. We are pleased with the strong sale price achieved on behalf of our client.”
John Griffiths, head of development at Savills Birmingham, provided leasing and development advice on the scheme. He adds: “The institutional sale is testament to the quality and strategic location of this asset, both factors that continue to generate significant occupier interest in the remaining 12 acres.”