Bournemouth Town Centre Investment Sold
Acting on behalf of a private institutional client, Sibbett Gregory have recently sold Parkway House, 26-30 Avenue Road to Bournemouth Borough Council in an off market transaction.
Parkway House is a substantial commercial building located in a strategic position in Bournemouth Town Centre. Tenants include Neptune Furniture, who occupy a large retail showroom as well as various office occupiers such as DJS Ltd, Bright Blue Day, Amuzo Ltd and Bennington Green. Many of the office occupiers are digital businesses forming part of Bournemouth’s growing digital economy.
Alastair Knott commented: “Sibbett Gregory has a long involvement with Parkway House, having previously been involved in letting each part of this building, including a recent 11,500 sq ft office letting to DJS Ltd. We were therefore very pleased to have acted on our client’s behalf to sell the long leasehold investment.”
“Whilst the investment generates significant rental income, Bournemouth Council (as freeholders of the site) also had a unique opportunity to realise the marriage value of owning the investment, without the encumbrance of an intermediate leasehold interest.”