Leicester office estate sold for £5.1m

Brodie Faint and Sam Sutton

A 35,000 sq ft out-of-town office estate has been fully-let and sold to a London investor in deals brokered by Leicester-based Phillips Sutton.

The “own front door” 9-unit estate on Meridian Business Park in Leicester is now fully-occupied and has been sold to Pears Property for £5.1m.

Following extensive refurbishment works by Pears Property, the estate was re-branded Interchange 21.

Tenants now include Charles Alexander Distribution, JLG, NHS East Midlands Ambulance Trust, Beamex and Intertek.

Phillips Sutton director, Sam Sutton, said: “We’re delighted to have played such an integral role in reviving what has been a fairly challenging proposition for many years. Interchange 21 is now one of the most desirable office locations in the city.

“Like many cities in the region, Grade A office space is at a premium. We have a wealth of knowledge of the letting and investment market, and we wanted to use our expertise to address the shortage of top quality office space outside the city centre. We’re very pleased to have let the whole estate to a variety of regional and national companies and even more pleased that we found a buyer so swiftly for this exciting new proposition.”

He added: “Interchange 21 has been repositioned, fully let and sold thanks to a comprehensive refurbishment programme by Pears Property. Hopefully this foresight and willingness to invest in older property assets will spark a trend for more Grade A office space to be developed and also encourage growing businesses to look beyond the city centre.”

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