AXA seeks sale and leaseback deal for Ipswich office

AXA Insurance UK has instructed Lambert Smith Hampton to bring Brooke Lawrance House, its office in Ipswich, Suffolk, to the market. Offers are sought over £15m, reflecting a net initial yield of 12.6%. The 146,526 sq ft office block is fully let to four tenants: AXA, Gallagher, SmartestEnergy, and the Department for Levelling Up, Housing & Communities. AXA intends to lease back 62,000 sq ft of workspace it currently occupies over the four floors in the buildings on a new 15-year deal with five-year break at £16.5 per sq ft. Brooke Lawrance House has benefited from a recent £4m refurbishment. The building sits within a 10-minute walk from Ipswich railway station. See occupational sale comparables in Ipswich >> Photo © Lambert Smith Hampton