The prime waterside office building was sold to CCLA on behalf of its Local Authorities Mutual Investment Trust and represented a net yield of 5.15%.
The 89,010 sq ft office building is let in its entirety to law firm Bevan Brittan LLP, generating an annual income of more than £1.9m per annum.
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King Orchard’s value can also be further enhanced as the investment offers asset management opportunities.
The next rent review of the building is due in March 2022.
CBRE recently revealed that it intended to acquire all the issued and to-be-issued shares of Telford Homes PLC for approximately £267.4m.
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