CBRE has sold Lakeside House, Northampton for £17.7 million to Topland Group, representing a net initial yield of 8.65 per cent. The sale follows the appointment of Tim Perkin and Tom Webb of CBRE, as LPA Receivers of Lakeside House in September 2011. The sale was effected by the Loan and Corporate Recovery team on behalf of the original lender to the asset.
Lakeside House is a 101,000 sq ft prime office building located on The Lakes, Northampton’s premier business park. It is fully let to the National Grid and attracts an annual rent of over £1.62 million per annum on a lease with a break option effective July 2022.
Situated close to Northampton town centre and within 4 miles of the M1, Lakeside House is strategically positioned between London and Birmingham. It benefits from excellent transport links with Northampton’s main rail station providing connections to London Euston and Birmingham New Street in less than 60 minutes, and Birmingham International and London Luton Airports are around 50 miles away.
Andrew Meikle, Director in the Capital Markets team of CBRE’s Birmingham office, said:
“The sale of Lakeside House demonstrates that investors still have a strong appetite for high quality, fully-let regional office buildings where fundamentally strong lease terms and covenants are presented.”