Norton Property Investments acquires former Carillion offices for £1.45m
Six office units at Brooklands Court on Kettering Venture Park, which were formerly owned by Carillion plc, have been snapped up by a fast growing Midlands property investment company.
NPI (Kettering) Ltd, a wholly owned subsidiary of Norton Property Investments Ltd, has acquired the freehold interest in six office units for £1.45 million from Carillion plc.
The deal, which is Norton’s largest to date, provides a combined total of 13,686 sq ft with an initial net yield of 9.95%.
Norton managing director Ben Spickernell said: “Brooklands Court represents an opportunistic purchase for us, with good asset management opportunities in the short term.
“The fact that the market in the Kettering area is constrained, which drives value, was a positive for us.”
Balfour Beatty is already a tenant on the site, and a national professional services firm has just signed to take 1,862 sq ft.
Norton Property Investments Ltd was founded in 2009 by managing director Ben Spickernell who, together with his co-director and brother Tom, is driving the company’s growth as investors in UK regional town and cities.
Norton continues to source and deliver new opportunities and project manages refurbishments and redevelopments.
On Brooklands Court, CBRE Birmingham acted for Norton, and JLL and Prop-Search for Carillion.
Norton was advised by law firm Emms Gilmore Liberson and Clarks Legal advised Carillion.