Boundary Real Estate Partners (Boundary) has sold its freehold interest in Granite House, Watermead Business Park, Leicester, completing its sale programme from the office element of the portfolio at the well-established Business Park.
Sold to a private investor, the recently refurbished, self-contained office building, located to the North of Leicester town centre, comprises 48,526 sq ft arranged over ground and first floor, with 350 car parking spaces. The building is set on a large plot in the Watermead Business Park which is located just off the A46 and A607 in between Thurmaston and Syston.
Fully let to GPUK LLP (Global Payments) and E.ON Next Energy, the HQ building generates and an annual rent of £812,788, equating to £16.75 per sq ft.
Charlie Walker, Founder of Boundary, says: “We are delighted to have now completed the sale programme from the office element of the portfolio at Watermead. We acquired Granite House in December 2021. Half let to GPUK, we set about transforming the property to provide a high-quality HQ building. The refurbishment works were substantial and this investment enabled the letting to E.ON Next.”
The works included a new, double height reception, with feature staircase, full refurbishment of the welfare facilities and installation of shower facilities, plus other substantial M & E upgrades, EV charging which have all improved the sustainability of the building, increasing the EPC rating to ‘B’.
Mark Porter, Director – UK Investment at Savills, who advised Boundary on the sale, comments: “The refurbishment works and subsequent letting to E.ON Next provided a high quality stabilised asset and gave rise to a disposal opportunity of the completed fully let investment. Our marketing of the property targeted an identified pool of active buyers, particularly those with a specific interest in the East Midlands, and we are pleased to have secured a successful outcome for our client.”
Tom Nock at CBRE represented the purchaser.