Aberdeen Property Investors (API) has sold Enterprise House at Witham Park, Waterside South, Lincoln for £8.89m on behalf of a pension fund client.
The sale, to a private overseas client of Chesterton, reflected a net initial yield of 6.75%.
Enterprise House, a 58,703 sq ft (5,454 sq m) office building, is let to Anglian Water Services for 25 years from 29 September 1996.
The current passing rent of £634,549 pa (£7.89 sq ft (£84.93 per sq m) is subject to a further two minimum uplifts.
The property was originally bought with vacant possession and API’s client undertook refurbishment work and the subsequent letting to Anglian Water.
The client has just completed the first rent review, beating the minimum uplift provision.
Slade & Co acted for API and Chesterton acted for the purchaser.
EGi News 14/01/03
