Second sale for Muse at Clearwater

Muse Developments has sold a second office building at Clearwater, the first phase of its speculatively built office development at Lingley Mere Business Park in Warrington.

The three-storey office building, known as Building 4, has been sold for £5.65m to Benedikt Estates. The sale means a net initial yield for the developers of 7.38%.

The 26,791sq ft building is currently let to United Utilities Contract Solution Ltd on a ten-year lease.

The Clearwater phase comprises four buildings with the second having been bought by Benedikt Estates while the first was bought early last year by property investors three60. High levels of interest have encouraged the developers to add a fifth building to the phase, with construction likely to begin shortly.

Lambert Smith Hampton acted for Muse Developments (formerly Amec) while GVA Grimley represented Benedikt Estates.