Colliers International and Lambert Smith Hampton have sold the long leasehold interest in Hanover House and Hanover Court, Marsh Barton Trading Estate in Exeter on behalf of Scarborough Group.
The property was bought by a private investor for around £2m reflecting a net initial yield of circa 14.0%.
Hanover House is arranged on ground and two upper levels and totals 17,500 sq ft. It is let to Lombard North Central on a lease expiring in June 2016 and the Secretary of state T/A DVLA on a lease expiring in March 2014.
The DVLA is vacating the property and currently consolidating all their regional operations to a single facility in Swansea. Lombard are not in occupation.
Hanover Court comprises a terrace of five small office units totalling 13,942 sq ft. Three of the units are let to Mitie Built Environment Limited but the remaining two units are currently vacant.
The buyer was represented by Stratton Creber in Exeter.