Wrenbridge has sold Colchester’s largest office building for £19m to Shay Properties Investments.
The sale represents the first disposal for the £175m Palmer Active Value Fund II.
Wrenbridge bought the 96,000 sq ft building just over a year ago for £14.6m, then secured five new tenants over the year including One Railway and Towergate Insurance, increasing the rent roll by 85% to over £1.35m.
Continue to look
Chris White, director at Wrenbridge, said: ‘This asset provided a number of asset management opportunities to enhance value.
'We had confidence in the occupier demand for this building and location, whilst others considered it unlettable. We continue to look for opportunities in locations with similar dynamics.’
Wrenbridge is also currently developing the first speculative office development in Colchester for more than a decade, the 28,000 sq ft Square, which is due for completion in December.
Awbery Morris acted for Wrenbridge. Newman Commercial and Lambert Smith Hampton are letting agents at the Square.