Highcross sells Rugby offices

Office design news from Morgan Lovell

Published on 12-05-2010

Highcross has sold 39,000 sq ft of modern office design space at its iQuarter development at Central Park, Rugby.

The company has agreed a deal with Henderson Global Investors to sell the property for £8.9 million, with present resident Airwave Solutions staying on at the site - after having signed a 25-year lease for the premises in 2007.

In total, Airwave is paying £675,000 a year in rent and this represents a yield of 7.15 per cent, rising to 8.1 per cent in 2013.

Chris Mills, commercial development director at Highcross, said: "This significant investment deal reflects the quality of the occupier, the development and the location, right by junction 1 of the M6."

The firm is a commercial property fund manager and operates a nationwide portfolio of premises. It currently owns more than 15 million sq ft of office space and has more than 3,500 occupiers.

In total, the group owns properties worth £845 million and has a further £1 billion property fund to call on.

Posted by Ian Johnson.