Saturday, May 30, 2020

Lincoln’s former HMRC offices acquired for £1.4m

M7 Real Estate has bought Cromwell House in Lincoln for £1.4 million, the former HMRC office off Tritton Road.in a deal worth £1.4m

The latest purchase is part of the firm’s REIP VI discretionary fund, with an investment portfolio worth £30.8 million.

The property has been empty since 2016, when HMRC moved out of the buiding. M7 says it has bought Cromwell House as an income producing investment with a lease expiry in 2026, and is exploring various asset management initiatives as the building is currently on the market being offered by way of sub lease or assignment.

Stuart Waite, partner at CPP, who brokered the deal, said: “We are delighted to have secured this high yielding regional office asset on behalf of M7 Real Estate.

“We identified the opportunity off market and the asset offers fantastic potential to drive returns through rental and capital growth in the short to medium term.”

Will Hunting, acquisitions manager at M7 Real Estate, said: “We are delighted to add Cromwell House to our portfolio. Our thanks to CPP for their work and expertise in identifying this opportunity.”

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