Leicester government let office block sold for £4.4m
A prime Government let office block in Leicester has been sold for £4.4m by Greenridge and its regional property funds to Ace (North) Limited.
The 22,301 sq.ft office complex on York Road is fully let to the Secretary of State for the Environment, with the Crown Prosecution Service as its sole occupier. The current lease runs until March 2026 and has an existing passing rent of £290,000 per annum.
Greenridge director Bik Bhuptani said: “We have enjoyed secure rental income and a strong capital appreciation on Princes Court and this deal reflects a good return for us and our investor partners.
“We are at a point in the market cycle when it makes sense to look to realise the growth of some of our portfolio and find new assets to reinvest in that will achieve the higher than market average returns our investors have grown used to.”
GVA acted as both the buyer and vendor agent, with the Greenridge fund also represented by DAC Beachcroft LLP.