Brighton Commercial agents Oakley have announced that they have completed the sale of three well known business centre investments across Sussex in a string of simultaneous, but unconnected transactions.
Chris Oakley of Oakley has reported that he has completed the sale of the Grade II Listed landmark Brighton Business Centre, in Ditchling Road, Brighton which comprises 15,000 sq ft of office suites let to business centre operator City Base PLC. The sale to Cross Stone Securities took place at a price of just over £2,600,000.
The practice has also sold two other business centres in Burgess Hill and Horsham for just below £1,000,000 each, bringing the combined investment sales for the agent to in the region of £4,500,000.
Chris Oakley commented ‘each of the business centres has been sold to a separate private investor purchaser, each of whom intend to continue with the operation of the buildings as business centres. Indeed both the Brighton and Burgess Hill business centres are let to City Base PLC who operate the business centres on long leases, whilst the Horsham business centre, Milnwood, will continue to be operated direct by the new owners’.
Mr Oakley added ‘whilst the investment yields on each of the business centres varies, they will generally demonstrate returns to their new owners in the region of just over 7% per annum. The sales generated very strong interest from the market and are a reflection of the limited number of opportunities that arise for investors to purchase this type of commercial property investment. Business centres are always regarded as being very secure, as the income in underpinned by a wide income base from a variety of small companies.
For further information on property investment contact Oakley 01273 688882