One Kings Court, Charles Hastings Way, Worcester, WR5 1WS
Franck-Steier Price has recently completed the disposal of a modern out of town office investment at Kings Court Worcester, on behalf of IM Properties.
The property comprises a well specified three storey office building totalling 31,504 sq.ft in an established out of town office location. Constructed in 2002, the property benefits from VRV air conditioning, full raised floors, suspended ceilings and a car parking ratio of 1:265.
The property is let to Siemens Plc, Halls LLP, Canopius Services Ltd and Atkins Ltd producing a total rental income of £407,333 per annum. At the time of sale, there was once vacant suite on part of the ground floor totalling
The property was purchased off market for a price of £4,400,000 which represents a net initial yield of 8.75%, assuming full costs of purchase of 5.8%.
Franck-Steier Price acted on behalf of the vendor IM Properties and BNP Paribas Real Estate acted on behalf of the purchaser, Threadneedle Property Investments.