Eleven Arches Pension Fund, represented by international real estate advisor Savills, has sold Eleven Arches House in Rugby to Foxhill Investments Limited for an undisclosed sum in a deal reflecting a net initial yield of 8%.
The 14,113 sq ft (1,311 sq m) office building is multi-let to British Gas, Heart of England Training and MTR Corporation Ltd with an weighted average unexpired lease term of 7.5 years (four years to break). It is located on the A426, one of the main arterial routes from Junction 1 of the M6 to Rugby town centre.
Ned Jones, investment director at Savills, comments: “Eleven Arches House offers an attractive yield and generated significant interest, reflecting the strong investor appetite for well-let out of town office assets. We are delighted with the swift result achieved on behalf of our client.”
Foxhill Investments Limited was represented by Harris Lamb.