Avison Young advises on the sale of Plymouth City office investment

A private investor, advised by Avison Young and JLL, has sold the freehold of Cobourg House, 32 Mayflower Street, Plymouth to an undisclosed buyer for £3.2 million, reflecting a net initial yield of 9.79%.

The 32,475 sq ft (3,017.03 sq m), four-storey office property is multi-let, providing an annual rental income of £370,558.  The property is held on a long lease from Plymouth City Council at a head rent of £37,056 per annum. 

Avison Young’s Richard Worrall said “This was an off-market deal that enabled our client to exit this investment at a level above their book value and which crystallised a very good profit on acquisition level”. 

The buyer was unrepresented.