College buys Osprey House for £3m
North East Worcestershire College has acquired Osprey House in Redditch. The 31,200 sq ft property was purchased for just under £3m.
The transaction is more than double the size of any deal made in the M42 corridor this year, said the agent behind the scheme, King Sturge.
Partner James Daffern, a valuation specialist at the property agent, said: “We are winning a lot of work in the FE sector, by bringing together people from our valuations, office agency and investment teams, and making it easier for colleges and other institutions to assess their property needs.
”There was a tenant, but we discovered that they were eager, and able, to surrender their lease, so everyone was happy, and we now have an ongoing relationship with the college.”
King Sturge’s Charles Warrack, a senior associate in its office agency team, said: “A deal near to 30,000 sq ft would have been a decent size when the M42 market was at its peak, but in the current market, the average is more like 5,000 sq ft, and there were only two deals during the whole of 2009 which even touched 20,000 sq ft."
The property was owned by Wichford, which was represented by Malcolm Jones from KWB.
