Warrington office block changes hands for £1.5m

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by Lin Freestone

The sale today of a Warrington office block for £1.5m indicates that, despite a lower volume of investment transactions, there is still a good market for well-let, good quality product.

Let to Wates Construction on a 10-year lease for a rental that equates to £17.36/sq ft, the 6,870 sq ft building is at the Clearwater development on the Lingley Mere Business Park in Warrington.

The business park is continuing to outperform the market following a series of successful deals during the first quarter of this year.

A Manchester-based property investment company, Jaymar Estates, bought the building from joint developers Muse Developments and United Utilities for £1.5m, representing a net initial yield of 7.5%.

The Clearwater phase of Lingley Mere has proved to be hugely successful with occupiers and investors alike, and is located on the outskirts of Warrington within easy reach of the M62 motorway.