Birmingham, 22nd February 2010 - On behalf of Threadneedle, Jones Lang LaSalle has acquired John Webster House, 6 Lawrence Drive, Nottingham Business Park for £2.848 million from Royal Liver, reflecting a net initial yield of 8%.

 

Located on one of East Midlands’ premier business parks, the 14,822 sq ft self-contained office building with 61 car parking spaces is let to Centres for Assisted Reproduction Ltd, trading as CARE Facility, on a term expiring in 2020.  The total passing rent is £240,867 per annum, equating to £16.50 per sq ft.

 

Ben Kelly, senior surveyor in Jones Lang LaSalle’s National Investment team in Birmingham, said: “This acquisition provides our client with an excellent combination of an unbroken lease term of 11 years secured against a strong covenant for an attractive price.”

 

Ben Kelly continued: “The building is of a high quality and has been extensively fitted out by the tenant. The acquisition reflects an initial yield of 8%, which is substantially above the 10 year average for this type of opportunity, and should ensure the property performs well in the future.”

 

Located less than one mile from Junction 26 of the M1 motorway, Nottingham Business Park is a prominent and carefully master planned 120-acre development.  Occupiers on the park include DVLA, David Wilson Homes and The Highways Agency.

 

CB Richard Ellis represented Royal Liver.