A fund managed by Corum Asset Management, Corum XL, has bought Trinity House on Burton Street in Nottingham for £28m.
The office was built in 2012 and provides 105,000 sq ft of workspace, which is entirely let to Eon. It generates annual net rent of just over £2m, according to Radius Data Exchange, meaning that the net initial yield stands at around 7.3%.
Corum acquired Trinity House from Charles Street Buildings Group, which bought the building in an off-market transaction at the time of its construction. CBRE advised Corum, with ACRE acting on behalf of Charles Street.
Alex Youell, director of investment properties at CBRE, said: “Offering high-quality office space and excellent sustainability credentials, and in a prime city centre location, Trinity House is one of Nottingham’s leading office schemes. The building benefits from a blue-chip, committed tenant, and at £19.50 per sq ft offers clear future rental reversion potential in a market with a dearth of supply.”
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