Lambert Smith Hampton (LSH) has completed the sale of two prestige Gloucestershire office developments — together worth more than £6m.
After considerable interest, the agency’s Bristol office sold Miller Court, a 52,609 sq ft multi-let campus in the centre of Tewkesbury Business Park, on behalf of Gladman to pan-European real estate asset manager M7 for £5.55m.
All but two of the 13 self-contained units on the Tewkesbury estate are let with a fully leased campus reportedly generating more than £546,000 in annual rents. “There is a huge weight of equity in the market for quality investment stock like this,” commented Darren Sheward, head of office at LSH in Bristol and the South West (pictured).
There are an additional seven units in Miller Court, all sold off freehold prior to M7’s purchase of the business park site. “In addition there is the potential to deliver further individual freehold sales, where historically values in excess of £150 per sq ft have already been achieved,” he added.
Gladman — one of the UK’s largest developers of office and industrial accommodation — also appointed LSH Bristol as a joint selling agent, with Alder King, for a 10,070 sq ft office block at Waterwells Business Park, Gloucester. The Wheatstone Court property has been sold to an anonymous buyer for more than £1m.
David Gladman is a partner at Congleton-based Gladman. “These deals are examples of the high levels of activity we are witnessing in the offices sector,” he said. “We are experiencing strong demand nationwide for modern business park offices for the service sector, ranging from 1,000 right up to 25,000 sq ft.”
In a third commission, his company has also appointed LSH as joint agent to sell or let Unit 5, Portis Fields, a 5,250 sq ft detached office building on Middle Bridge Business Park at Portishead. The two-storey property near Bristol has the potential to be let or sold as a whole or let on a floor-by-floor basis.
“Portis Fields is a very successful business park that is just outside the town centre and within easy access of Junction 19 of the M5 motorway,” explained Pete Barrett, associate director of office agency at LSH. “This is a key business location and we expect interest for Unit 5 to be very high indeed.”
Story: Cliff Goodwin
Photo: LSH
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