Edgerley Simpson Howe LLP

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Recent investment Transaction

Circle Property Managers buy Homebase in Coventry

17th January 2011

Circle Property Management Ltd, on behalf of Circle PUT, advised by Edgerley Simpson Howe, has purchased the freehold/leasehold investment of the Homebase unit at Ansty Road, Coventry from clients of Rockspring Property Investment Managers LLP for £3.677 million, reflecting a net initial yield of 9%. The 30,470 sq ft stand alone unit is let to Homebase until June 2013 at a rent of £350,000 a year. The building has an open A1 planning consent with restrictions. Tony Rogers of ESH said “While the purchase offers a great initial return, the building has good asset management prospects with our client having the opportunity to take advantage of a beneficial planning situation.”