Circle Property Managers, advised by Edgerley Simpson Howe (ESH), has purchased the freehold investment of the Homebase unit at Ansty Road, Coventry from clients of Rockspring for £3.677 million, reflecting a net initial yield of 9%.

The 33,470 sq ft stand alone unit is let to Homebase until June 2013 at a rent of £350,000 a year. The building has an open A1 planning consent.

Duncan Good of ESH said “While the initial purchase offers a great return, the building has good asset management prospects with our client having the opportunity to take advantage of a beneficial planning situation.”

Stockford Staunton advised Rockspring.