Partnership House, Central Park, Telford, TF2 9TZ
Franck Steier Price has recently completed the sale of a single let office park investment on behalf of Newcore Capital Management.
The 1990’s business park office is located just off J5 of M54 on the established Central Park close to Telford town centre and railway station.
The detached office was arranged over ground and two upper floors and had been fully refurbished in 2018 as part of the new letting to Entanet International. The building totalled 34,520 sqft and had 209 car spaces, providing an excellent ratio of 1:165 sqft.
The office was let to Entanet International Ltd on a 10 year lease from December 2018 with a tenant option to break in February 2024. The passing rent was £258,900 per annum (£7.50 per sqft). 5,000 sqft of the ground floor had been sub let to SmartWater plc on a co-terminus lease at £40,000 per annum.
The property was sold to a private investor client of CBRE for £2,600,000 which reflected an initial yield of 9.36%.