Investment News and Deals
Richard Goodall a partner at King Sturge outside Somerset House, Birmingham Birmingham One of the world’s leading firms of institutional investors has acquired a Birmingham city centre office building for £17.55m at an initial yield of 4.95%.		PRUPIM purchased Somerset House in Temple Street on behalf of the Prudential M&G Pooled Property Fund. The 50,000 sq ft building is predominantly let to Shakespeare Putsmans LLP. Other tenants include Horton’s Estate, the Leeds and Holbeck Building Society and Drago Leisure. The total current rent roll is £920,500 pa. King Sturge completed the sale, acting on behalf of London-based Capital & Counties. GSD advised PRUPIM. Daventry Lambert Smith Hampton has sold unit seven on Badby Park in the Heartlands Business Park of Daventry for in excess of £3m. LSH acted on behalf of the vendor, Hancock & Lane in agreeing the sale to IM Properties. The unit is leased to Cummins Engines, a manufacturer of diesel engines. The lease that is due to expire in 2017 is already in place for this 44,000 sq ft unit, with rental income in excess of £220,000 pa. The yield IM Properties will receive is 6.7%.