Muse/UU plan further offices at Clearwater after latest sale

Muse Developments and United Utilities have sold a third office building at Clearwater, part of the joint venture's Lingley Mere Business Park in Warrington.

The two-storey, 6,872 sq ft building was sold to Jaymar Estates for £1.5m, representing a net initial yield of 7.5%.

The building is currently let to Wates Construction by way of a ten-year lease for a rental that equates to £17.36/sq ft.

Clearwater comprises four buildings; two were sold at the turn of the year, to Benedikt Estates and property investor three60, and the remaining building is under offer on a leasehold basis. A fifth building is now planned for Clearwater.

Stephen Hamer, head of investment at Lambert Smith Hampton, advising Muse and UU, said: "This sale shows that despite a lower volume of investment transactions, there is still a good market for well let, good quality product. The Clearwater phase of Lingley Mere has proven hugely successful with occupiers and investors alike."

Edwards and Co acted on behalf of Jaymar and is also joint letting agent with LSH.