A landmark industrial building in Leamington Spa has been sold in a £10m deal.

Developer and investor AC Lloyd has sold the 84,000 sq ft building in Tachbrook Park Drive occupied by automotive firm Grupo Antolin.

The Spanish-based company, which employs 28,000 staff worldwide, agreed a new 15-year lease before the sale to an institutional investor.

Mark Edwards, director of AC Lloyd, said the sale, which represented a 4.8% yield, had attracted strong interest from UK-based and international institutional investors.

“We did not actively market the building yet we had six bids from very credible parties which underline the strength of the industrial market in his region. We are delighted to have concluded the sale of this building in line with our strategy of the repositioning of our investment portfolio in terms of both exposure to different property sectors and geographical spread.”

Tom Bromwich of Bromwich Hardy who advise A C Lloyd commented:

“ This deal shows the strength of the current Investment Market , especially for well let and well located buildings. Even with the perceived uncertainty around Brexit there remains an appetite from Institutional Investors to place funds.”