Balmoral Land has sold Mercury House in Milton Keynes to a private residential developer for more than £8m.
The circa 73,000 sq ft vacant office building, which sits on a 6.14- acre site, offers strong potential for residential development and it is understood the purchaser will seek to convert the building under the current permitted development position.
The site generated both conditional and unconditional interest from across the development market and was ultimately sold on an unconditional basis.
Robert Knox, from Balmoral Land, said: “LSH provided us with a range of real estate advisory services over a number of years and ultimately guided us towards a very successful disposal solution in an extremely challenging market.”
Charles McLean, senior director – head of land and development at LSH, which advised Balmoral Land on the deal, added: “We are very pleased to complete this project for a long term LSH client. The level of interest generated and the price achieved is testament to the work ethic and commitment of the land and development team, and in particular Davinder Nagra on this project, in securing optimum value on assets.”
