Peterborough business park is sold in £2 million deal

Some of the offices at the Papyrus Business Park.
Some of the offices at the Papyrus Business Park.
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A prominent business park in Peterborough is under new ownership after a £2 million- plus sale.

Papyrus Business Parc - phase one and phase two - in Werrington, has been sold to Crossacre Properties Ltd.

Some of the offices at the Papyrus Business Park.

Some of the offices at the Papyrus Business Park.

The sale has been overseen by Peterborough-based commercial agents Savills, which was acting on behalf of NPW Ltd.

The sale price has not been revealed but offers were being sought in excess of £2 million.

The park totals 18,984 sq ft and includes modern office accommodation and a 9,120 sq ft industrial unit currently let to Vindis Group. A further six tenants occupy the additional office space. Savills say that currently just one suite remains vacant and that comprises 832 sq ft at a quoting rent of £10,000 per year.

Edward Gee, associate director in the business space agency team at Savills Peterborough, said: “Papyrus Business Parc provided the purchaser with an excellent opportunity to acquire a good quality modern scheme.

It has a diverse mix of office and industrial tenants, alongside strong rental income and future asset management potential.

Mr Gee added: “We expect to receive considerable interest in the last remaining vacant office suite.”