Corum Asset Management has bought No1 Dovecote in Sale from Pin Property for £13.85m in a deal reflecting a yield of 7%.
The 61,000 sq ft building at Dovecote Business Park, just off the M60, is fully let to business services provider Verastar on three separate leases at a rent of £16.50/sq ft. The Sharston-based business is currently in process of relocating 500 staff to the building to use as its headquarters.
Pin bought the building in 2015 and has undertaken a full refurbishment of the office. Cushman & Wakefield advised Pin on the sale, with Rydan advising France-based Corum Asset Management. Canning O’Neill and Cushman & Wakefield are the retained agents for No1 Dovecote.
Craig Barton, partner, capital markets at Cushman & Wakefield, said: “The off-market sale of No. 1 Dovecote is testament to the quality of our client’s highly specified refurbishment, which initially attracted Verastar to choose the building as their HQ campus.
“Subsequently, the combination of building quality, an excellent occupier commitment to the building and its prominence to the M60, encouraged Paris-headquartered Corum Asset Management to approach on the investment opportunity.”
Kuits provided legal advice to Pin Property while CMS advised Corum Asset Management.