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Commercial Property: IM Properties in office deal.

IM Properties has snapped up a prime office development in Worcester.

The Warwick-based investor developer has purchased 1 Kings Court, Worcester, from Taylor Clark for pounds 7 million.

The deal has increased the value of IM's portfolio to over pounds 300 million, boosting rental income by pounds 515,000.

The property, which extends to 31,664 sq ft, is let to Atkins until 2017 and is located between junctions 6 and 7 of the M5.

The deal took just 14 days to complete and represents an initial net yield of seven per cent.

CBRE acted for IM Properties, while GVA Grimley represented Taylor Clark.
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Title Annotation:Business
Publication:The Birmingham Post (England)
Date:Aug 25, 2005
Words:104
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