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LONDON-Danmerc Property Management, on behalf of Britannia Invest II BV has sold Castle and Pedmore Houses on the Waterfront East business park at Merry Hill in Dudley, West Midlands to a private Irish investor for £13.475 million ($21 million) showing a 7.14% initial yield.

The property, built in 1991, provides 87,235 sf of offices let to the UK government on two leases expiring in September 2016 at a current rent equating to £11.75 ($18)per sf.

King Sturge and Millar Kitching represented Danmerc while CB Hillier Parker and CB Hamilton Osborne King represented the purchaser.

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