National Mutual Life Assurance Society has sold its long leasehold interest in Cornhill House, Trintiy Park, Solihull, for £5,090,000. Tesco Pension Trustees bought the office in a deal reflecting a net initial yield of 7.5%.
The property comprises 2,203 sq m (23,716 sq ft) and is let to Cornhill Insurance at £181.48 per sq m (£16.86 per sq ft) on a 25 year lease from March 1992. There is a tenant’s break option in the 15th year.
In addition, National Mutual have nearly completed the speculatively constructed No 2 Trinity Park. This will comprise 3.000 sq m (33,175 sq ft) offices on three floors. They also have planning consent for a further 8,640 sq m (93,000 sq ft) in two buildings.
CB Hillier Parker advised National Mutual, while Healey & Baker acted for Tesco.
EGi News 07/04/99
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