Privately owned property investor, Praxis Holdings Ltd, has confirmed the £16.1 million sale of the Iceni Centre office complex at the Warwick Technology Park to the Local Authorities Mutual Investment Trust (LAMIT).
The deal reflects a sub 7 per cent yield which is believed to be a post-financial crash record for the Midlands region. Praxis acquired the property in May 2013.
The Iceni Centre is a prominent office building which provides 75,270 sq ft of quality office space over three floors. It is the main building on the Technology Park with key tenants including Alliance Medical, Rolls Royce and Siemens.
Siemens took the last remaining space on the second floor of the building in December 2014 at a rent of £17 per sq ft. This was the biggest deal in Warwickshire for two years and set a new record rent for the market.
The campus style Technology Park is situated 1 mile south east of Warwick and 2.5 miles south west of Leamington Spa, and is only 25 miles away from the regional business centre of Birmingham.
Gabriel McLauglin, Director and Head of Asset Management at Praxis, said: “We are pleased to have completed the sale of the Iceni Building at a price that reflects a significant outperformance of our original business plan, two years earlier than forecast.
“We actively managed the asset over an 18-month investment, refurbishment and re-tenanting period during which our focus was to strengthen tenant line up, re-brand the asset. Let the vacant space and then exit into a healthier investment market. This is in line with our ongoing investment strategy.”
Praxis, which has over £500 million of UK commercial investment and development assets, is ranked as the UK’s best performing asset manager in the IPD ‘All Balanced Property Fund’ index. It has delivered the highest annualised returns over a one, three and five year period.
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