- What Telford Plaza has been brought to the market for £20.7m
- Why Majority let to the government following mega deal to HMRC last year
- What next MK2 and Bulleys Bradbury appointed to manage the sale
One of West Midlands’ most high-profile office developments outside of Birmingham city centre has been put up for sale for £20.7m with the government-let asset likely to prove an attractive draw to potential suitors, React News can reveal.
Telford Plaza, located in the heart Telford town centre, is now to be sold following a successful leasing campaign from the building’s owner, a private investor.
MK2 and Bulleys Bradbury have been instructed to market the asset off a net initial yield of 7.55%. It is multi-let to seven tenants producing an annual rent roll of circa £1.7m per annum with a WAULT of 5.2 years to lease expiry and 3.8 years to break.
In the biggest letting deal in Telford in a decade, HMRC signed up to 110,000 sq ft of offices at Telford Plaza in 2018 with leases in place until 2026. The tenant line up also includes Hillesden Securities, Fujitsu Services and Capgemini Uk.
The 160,000 sq ft property comprises two office plazas arranged over ground and 10 upper floors and ground and 5 upper floors, respectively.
Mark Johnson, co-founder of MK2, said: “Telford Plaza is the best office building in Telford and has undergone a comprehensive refurbishment attracting high profile tenants and is now fully let. MK2 with our joint agents Bulleys are pleased to be marketing the high-profile investment which is currently attracting good levels of interest.”
Located on a 4.3-acre site to the north of Lawn Central, the office buildings are adjacent to both Junction 5 of the M54 and A442. Telford Central Station is within close proximity.
MK2 and Bulleys Bradbury are the joint selling agents.
