Circle Property Managers buy Coventry investment

January 28, 2011

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.

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