Warner Estate Holdings and Morley Fund Management have announced the acquisition of New Castle House in Nottingham for £15.3m.
The purchase, on behalf of the Apia Regional Office Fund, reflects a net initial yield of 5.7%.
Purchased from LaSalle Investment Management on behalf of Mars Pension Trustees, the four-storey office building provides 67,594 sq ft of space.
The property is fully let to Gala Coral Group and UPS for a further twelve and ten years respectively and the average rent equates to an overall rate of £13 per sq ft inclusive of parking.
Apia is asset managed by Warner Estate and fund managed by Morley Fund Management.
