Lambert Smith Hampton has successfully acquired Wingfield House, Portsmouth, on behalf of a private client, for £8.7 million, reflecting a net initial yield in excess of 12%.
Boasting views out over the nearby Solent, the 95,442 sq ft commercial office building is located within Portsmouth City Centre and enjoys easy access to the prime retail district of Commercial Road and Portsmouth and Southsea Railway Station. The building, which is one of the largest commercial office spaces in Portsmouth, is currently let to the Secretary of State with six years remaining on the lease.
Jerry Vigus, director of capital markets at Lambert Smith Hampton, commented: “We had been tracking the opportunity for some time and were aware that the owners were keen to sell the investment. During the marketing process, there were a number of interested parties looking at the building but we were able to secure the property for our client and complete the transaction within ten working days.”
The building was acquired from property company, Helix. Fineman Ross represented the vendors.
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