ETRURIA OFFICE VILLAGE INVESTMENTS SOLD FOR £6.75 MIL

Two office buildings pre-let to government service departments on Etruria Office Village, Stoke-on-Trent, and  which will be occupied later this year, have been sold to Insight Investments for £6.75 million, representing an initial yield of 5.37%.

Stoke-on-Trent Regeneration, the joint venture between St Modwen Properties PLC and Stoke City Council, has developed three buildings totalling 45,000 sq ft on the Office Village which is one of numerous phases on the 30-acre Etruria Valley development, an extension of Festival Park.

The Probation Service, which is consolidating its offices in Stoke and the Newcastle-under-Lyme area at Etruria in the autumn, will occupy a 1,440 sq m (15,500 sq ft ) building and the North Staffordshire office of the Crown Prosecution Service has taken a 1,407 sq m (15,150 sq ft) building which is due to open late summer.

Andrew Cox of St Modwen said: “The investment deal is a mark of the quality and location of the development.  We have very encouraging interest in the third building which is currently under offer in its entirety with leases already exchanged with Louis Taylor and Progressive Financial Services Ltd, part of Cattles plc.”

Colliers CRE acted for Stoke-on-Trent Regeneration and Insight Investments was represented by King Sturge.

For further information contact Andrew Cox of St Modwen (01782 281844). Issued by Paul Raymer (0121 236 7771).