BAM Properties has sold a speculatively developed office blocks - the A3 building at Glory Park in High Wycombe in the South of England - to F&C, via its subsidiary IRP Holdings.

IRP purchased the 19,428 sq ft building for £6.97m, at an initial yield of 7%.

BAM recently leased the ground and first floor at the building to Takeda UK Ltd. for ten years at a rate of £341,825 pa equivalent to £27.50 per sq ft. The second floor is currently leased to Aptiv for a further five and a half years at £175,615 pa.

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The new follows the sale in December 2013 of the A2 building at Glory Park to the F&C UK Property Fund. The A2 comprises 16,000 sq ft and is let to pharmaceutical company Macarthys Laboratories Limited on a lease until 2023.

Clwyd Roberts, BAM's Development Director for the South of England, said: "We are seeing encouraging levels of demand in the South of England for commercial developments with good access to main air and rail transport routes.

"At BAM we combine property development, design, construction and sustainability expertise to create sustainable buildings that are attractive to occupiers and create value for investors, as the recent lettings and subsequent sales at Glory Park demonstrate."

DTRE advised F&C on the acquisition of the A3 building.

Strutt & Parker and Savills advised on the leasing of the A3 building for BAM.

(IT/JP)