Renaissance House in Warrington, has been sold by Greenridge Investment Management (“Greenridge”) on behalf of one of its regional funds, Greenridge UK Regional Property No1. LP for £10.5 million, reflecting a net initial yield of over 5.69%.
The 40,679 square foot headquarters style property is currently let to The Secretary of State for Business Innovation and Skills on a lease running to December 2026. The building is also occupied by Independent Police Complaints Commission (“IPCC”)
Passing rent on the asset was set at £638,000 per annum, based on a value of £15.68 per square foot, with a 2017 rent review notice served prior to the sale.
The IPCC ran its high profile Hillsborough Inquiry from Renaissance House.
Greenridge was advised on the disposal by GVA and outperformed its return target, having acquired the asset in April 2015. Cooke and Arkwright represented the buyer.