Vickery Holman advised on the investment sale of Poseidon House, a modern office building located on the banks of the River Plym within Neptune Park, Plymouth. Brought to the market at a guide price of £1.35 million, the building offered asset management potential with existing income and scope to increase returns through lettings.
Poseidon House provides approximately 19,380 sq ft of good-quality office accommodation across four floors, with around 60 car parking spaces. The property was nearly fully let at the time of sale, producing an income of approximately £152,000 per annum. There was one suite vacant at the time of sale for which the vendor paid 12 months rent cover to top the income up to £172,000 per annum.
Vickery Holman launched a comprehensive marketing campaign to highlight the building’s potential. This included:
The campaign emphasised the combination of secure income already in place and the opportunity to add further value through letting the vacant suite.
The campaign generated good investor interest, reflecting demand for value-add opportunities in the South West. Poseidon House was acquired by a local investment company who had been actively seeking such opportunities within the city.
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