Peterborough City Council Acquires Sand Martin House Headquarters

Peterborough City Council, advised by Carter Jonas, has acquired the freehold interest in Sand Martin House office building in Peterborough from Legal & General Assurance (Pensions Management) Limited, advised by Knight Frank. The property was purchased for £47.378 million, reflecting a net initial yield of 4.75 per cent.  

The 90,017 sq ft building comprises a 5.9-acre site and includes a multi-storey car park and surface parking. The building has a BREEAM accreditation of “Very Good” and an EPC B rating.  

The building is adjacent to the newly developed 100,000 sq ft HM Passport Office and within the prime Peterborough redevelopment zone, Flatten Quays, which includes two offices, five residential blocks, a hotel and a cultural and arts centre.  

The council occupies the entire building, having secured a 25-year lease for the space in 2018, with rent reviewed to RPI every five years.