A Leicester office building has been sold in an investment deal
following the relocation of former tenant Freeth Cartwright
LLP.
Commercial property agent Innes England acted on behalf of the
owner, EAP Properties, in the sale of Imperial House, a 13,000 sq
ft, three-storey office building to investor Peter Rahal.
Innes England has managed Imperial House for several years,
historically for pension provider Sun Life and more recently EAP
Securities Ltd.
The building was formerly occupied by Freeth Cartwright
which relocated to the Grade A city centre office development
Colton Square, leaving the top floor let to adult education
organisation Teach East Midlands.
Peter Doleman, director of Innes England's Leicester office,
said: "We were instructed to market the building, which was partly
occupied, and managed to secure a deal within two months following
significant interest. The investment market remains very mixed but
a well-priced product in a good location will always find a
home.
"Imperial House is situated in an area which is regarded as
Leicester's prime office location. This deal presented a rare
opportunity to purchase an office building on New Walk. It was
partly income producing and also gave the opportunity to refurbish
the remaining accommodation to be able to offer higher quality
space back to the market.
"It is rewarding to be involved in the different aspects of this
office building. We have worked with the premises for some time and
are delighted to have been retrained as both the letting and
managing agent on the scheme."
The new owner of Imperial House, Peter Rahal, said: "We
immediately saw the benefit of improving the property and we are
completely renovating the premises to provide high quality
accommodation. This should not only protect the investment yield
but, by working with Innes England, this should also enable us to
let the space more quickly to a high quality tenant. The improved
office space will be available over the coming weeks at competitive
rents starting at £6 per square foot."
Innes England was joint sale agent with Bidwells.