Royal Liver Insurance has paid £5.3m for phase one of GA Properties’ Birchwood Point Business Park close to the M6 in Warrington, representing an initial yield of 7.1%.
The 2,869 sq m (30,891 sq ft) block was pre-let to United Utilities for its group corporate headquarters on a 25 year lease, with a tenant-only option to break after 15 years. The current rent is £390,300 pa.
Birchwood Point’s 0.97ha (2.4 acre) second phase will be finished in September and features two self-contained buildings of 1,933 sq m (20,800 sq ft) and 2,881 sq m (31,000 sq ft), with car parking.
GA is also opening up the remaining 2.83ha (7 acres) of the site for development with infrastructure work.
Knight Frank acted for GA Properties Ltd. Dunlop Heywood advised Royal Liver Assurance Ltd.
EGi News 06/02/97
