Merchants Investors Assurance Company has paid £3.128m for the freehold interest in Arcadia House at Warley Hill Business Park, Brentwood.
The 1,541sq m (16,680sq ft) office is let to the Department of Health on a 15 year lease from July 1996 at a rent of £225,180 pa. The deal reflects a 7% net initial yield and is understood to have taken only five weeks to complete from initial marketing.
Weatherall Green & Smith acted jointly with Countrywide Commercial in the letting, and with Howell Brooks on the investment sale. Skinner represented Merchant Investors while Drivers Jonas advised the Department of Health.
EGi News 29/08/96
EGi News 29/08/96
