LONDON, August 28, 2014 /PRNewswire/ --
Telereal Trillium has sold the Sony Building, Liverpool, to investment firm Karlin Real Estate for £4.396m, representing a Net Initial Yield of 10.75%.
The three storey purpose built office building comprises 50,655 sq ft of office accommodation on 3.07 acres of land and is situated in the highly successful Wavertree Business Park in close proximity to Liverpool city centre. It is let in its entirety to Sony Computer Entertainment Europe Ltd for a passing rent of £500k per annum.
Telereal Trillium completed a newly regeared 10 year lease with Sony in May 2014. Sony has been in full occupation of the building since construction in 1997.
Commenting on the sale, Mark Kelly, Director of Disposals & Development at Telereal Trillium said: "This deal shows the value of a committed tenant. The recent lease renewal we negotiated with Sony meant we could offer the Sony Building as a strong investment in a buoyant market."
Finn and Company acted on behalf of Telereal Trillium.
About Telereal Trillium
We are experts in managing large, complex property portfolios and ensuring that accommodation supports transformational business change.
We have long-term partnerships with some of the UK's largest occupiers, such as BT and the Department for Work and Pensions, and own a £5.5bn property investment portfolio, including over 8,000 properties nationwide.
We focus on understanding our customers' business and property requirements and delivering them through excellent service, active asset management and innovation.
SOURCE Telereal Trillium