Derby’s largest office scheme comes to the market

  Derby’s largest city centre office scheme with adjoining development land has come onto the market.   The 160,000 sq ft Heritage Gate complex comprises three buildings, Norman House, Saxon House and Celtic House and is being sold by Aviva for an £11m price tag – net initial yield 12.3%.   The complex is mainly occupied by Derby City Council which occupies 70% of the scheme. The annual rent roll is £1.4m.   It is being marketed along with a neighbouring cleared site of 1.4 acres fronting the inner ring road that has been identified within the Local Plan as a key mixed use regeneration opportunity with development potential. An adjoining portfolio of seven shops and offices fronting Friar Gate is also included.   The opportunity is the largest office investment to come to the market within the city for over five years.   Nick Hosking, director at Derby-based agent Innes England which is selling the property alongside GVA on behalf of Aviva, said: “For the last two decades Heritage Gate has been the most successful multi-let office complex within the city.    “In bringing the scheme to the market we are offering an asset that has considerable potential for long term redevelopment coupled with multiple asset management opportunities that can deliver added value.”   lisa.pilkington@estatesgazette.com