This single let office of around 28,500 sq ft was originally acquired in 2005 and was initially subject to a tenant lease expiry in 2013.

The company restructured the lease in 2008 improving the income maturity until 2023 at a rental income of £733,000 per annum.

The disposal price reflects a net initial yield of 7.8%, after a deduction to reflect an income top up or a capital value of around £310 per sq ft.

It is 19% ahead of the December 2009 valuation. Completion is scheduled for 25 March.

Fund manager Michael Morris said: "We restructured the leasing arrangement on this asset in 2008, in a stronger occupational market and achieved a very good rental outcome.

"With a much improved investment market we have now taken the opportunity to realise the proceeds at an attractive level providing cash resources for other opportunities."

Story provided by Business Financial Newswire