The home of a cyber security firm on Derby’s Pride Park has been sold in a deal worth more than £1.4 million.
Investment specialists Harris Lamb, acting on behalf of an unnamed private client, has snapped up the property in Mallard Way, which is currently being leased to Webroot.
The team at Harris Lamb were tasked with identifying a suitable office investment to complement an existing portfolio of Midlands properties.
Following a competitive bidding process overseen by commercial property agents Innes England, the two-storey property was sold for above the guide price at an investment yield of circa seven per cent.
According to Harris Lamb, the building produces a six-figure annual revenue, with Webroot having a further five years remaining on its lease.
Webroot, which provides network security solutions and corporate network protection, is part of a global software provider which was acquired by Carbonite for $618.5 million earlier this year.
Neil Harris, director at Harris Lamb, said: “Derby has a strong and growing tradition in being home to a high number of technology companies and with this particular property currently being occupied by dynamic software business Webroot, it was an exciting sector of the market for our client to invest in.
“Webroot is a well-established, secure and growing occupier, having doubled its floorplate within Pride Park over the last six years.
“At 6,725 sq ft, this is a modern office building is let on a full repairing and insuring lease expiring in 2024, generating in the region of £104,000 per annum.
“A large site, it has the potential for further expansion by way of planning consent for an extension of up to 4,469 sq ft over two floors, meaning that our client has plenty of scope for growing its acquisition.”
