Midlands investor CDS Properties has sold the headquarters of Sandwell Council’s housing department in Oldbury, West Midlands, for £13m to Waypoint Government Income Fund.
The council has a 30-year lease on the 74,908 sq ft property at Direct 2 Industrial Estate, which it has occupied since October 2008.
The lease is subject to five-yearly upward only rent reviews at a current rent of £624,000 per annum.
Nigel Lea of Lea Property said: “This sale forms part of a wider strategy we’re undertaking to diversify and increase CDS’s assets.”
CDS Properties were advised by Lea Property and James Andrew International; Whitmarsh Holt Young acted for Waypoint Government Income Fund.
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