Lambert Smith Hampton (LSH) has advised a UK Property Company on the sale of Seebeck House, a prominent office building at Knowlhill Business Park, Milton Keynes, to an overseas investor for £7.7m.
 
The property comprises a high-quality, self contained office building extending to approximately 40,000 sq ft and is single let to EMW Law LLP a new 10-year lease with a fixed rental uplift in the 5th year. EMW Law has occupied the building since its original construction and previously sold the asset to the Vendor in 2015, reflecting a long-standing commitment to the property as its UK headquarters.
 
Seebeck House is located in an established commercial office park around a 15-minute walk from Milton Keynes Central railway station, with strong connectivity to the A5 and M1. The asset benefits from robust occupational fundamentals, with Milton Keynes continuing to attract demand for Grade A office accommodation, supported by constrained supply and its strategic position within the Oxford–Milton Keynes–Cambridge Arc.
 
LSH acted on behalf of the Vendor on the disposal and Newmark acted on behalf of the Purchaser.
 
Commenting on the transaction, Charlie Lake, Executive Director at Lambert Smith Hampton, said:

“This sale reflects a return of investor appetite for well-located regional office assets with secure income. Having previously tested the market, the transaction ultimately benefited from renewed confidence and competitive tension, particularly for assets offering strong covenants and long-term occupational commitment.”
 
He added:

“The deal also demonstrates improving sentiment across the regional office investment market, supported by a more favourable debt environment. Lenders are showing increasing appetite to finance high-quality office assets at more attractive rates, which is helping to underpin pricing and drive transactional momentum as the year progresses.”

Josh Shaffer, Senior Associate at Newmark, said: 

"Overseas investor appetite for regional offices is returning, supported by attractive cash-on-cash returns and an improving debt market. Seebeck House offers a secure 10-year income stream with guaranteed reversion, underpinned by strong occupational fundamentals in a location where Grade A supply is becoming increasingly constrained.”