SALE AND LEASEBACK DEAL AGREED AT REDDITCH OFFICE

A newly refurbished Redditch office building has been sold to a local mortgage advisor with a sale and leaseback being agreed with the property’s former owner.

Prospect House, on Church Green West in the town centre, has been purchased by Kate Mcternan, owner of Redditch Mortgage Advice, who was attracted to the property because of the high standard of its refurbishment and convenient location.

Harris Lamb marketed the three-storey office on behalf of Robert Holdcroft Ltd, and further to negotiations with both parties, sale and leaseback terms were agreed for the vendors to continue to occupy the second floor of the building.

Harris Lamb had been instructed to sell the 2,120 sq ft building, which includes 10 separate offices and kitchen and W.C. facilities on each floor, at a guide price of £320,000.

Sara Garratt, of the business’ Agency team, said: “As the property had consent for a change of use to residential apartments, we were confident of high enquiry levels.

“Located five miles from Junctions 2 and 3 of the M42, with close proximity to public transport links and dedicated car parking, the property attracted interest from both developers and potential occupiers, but it was Kate Mcternan who secured the property. Previously located nearby, the company required a larger office for business expansion.

“As we oversaw negotiations between both parties, the opportunity for a sale and leaseback arrangement became apparent, enabling Robert Holdcroft Ltd to continue to occupy the second floor.

“We are delighted to have overseen this deal, not least because of the impact Covid-19 has had on the office sector. It is extremely encouraging to know that businesses are determined to overcome the crisis,” she added.