17,000 sq ft sold: Circle Business Centre, Bedfordshire

A groundworks company has acquired the freehold warehouse units at Circle Business Centre at Houghton Regis, near Dunstable, for an undisclosed sum. The units acquired were one, two, three and five, which total 17,846 sq ft.

They consist of light industrial hybrid buildings which are part of a development of five within a gated courtyard development. Unit one is predominantly office space with ancillary meeting rooms and staff facilities and has been fitted out to a high specification. Units two, three and five provide industrial storage and distribution space which have had full mezzanines fitted and benefit from ancillary office areas.

Eamon Kennedy, executive partner and head of industrial and logistics at Kirkby Diamond, said the industrial team acted on behalf of private investors in a rare freehold opportunity that was sold in excess of their client’s aspirations.

“The transaction involved our team acting on behalf of the vendors in negotiating a surrender with the outgoing tenant which then enabled us to sell the property to an owner occupier on a freehold vacant possession basis.

“Kirkby Diamond advised on the surrender premium agreed, along with providing advice on market value of the building and we were able to achieve an agreed price in excess of that value,” he added.

“Opportunities to acquire freehold industrial space as good as this are relatively rare and we were confident that we would be able to secure an excellent deal on behalf of our client. This deal once again clearly demonstrates that our knowledge of the regional market is second to none.”

Kirkby Diamond was subsequently asked to advise on another freehold disposal owned by the same investors, which is now under offer. In addition to this, a European engineering company asked for the company’s advice, and it has been instructed to dispose of their 17,000 sq ft premises and secure yard of just under one acre.