Renaissance House in Centre Park, Warrington has been sold to a private investor by Greenridge Investment Management on behalf of one of its regional funds, Greenridge UK Regional Property No1 LP, for £10.5m, reflecting a net initial yield of 5.69%.
The 40,700 sq ft building was formerly home to the Northwest Regional Development Agency and is currently let to the Secretary of State for Business, Energy & Industrial Strategy on a lease that runs to December 2026. Greenridge acquired the building for £9.1m in May 2015.
Renaissance House is also occupied by Independent Police Complaints Commission, which ran the high-profile second inquest into the Hillsborough disaster from it between March 2014 and April 2016, by far the longest case heard by a jury in British legal history – the hearing itself was held at 305 Bridgewater Place, Birchwood Park.
Passing rent on the asset was set at £638,000 per annum, based on a value of £15.68/sq ft, with a 2017 rent review notice served prior to the sale.
Greenridge was advised on the disposal by GVA and outperformed its return target, having acquired the asset in April 2015. Cardiff-based Cooke & Arkwright represented the buyer.