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News Release

Exeter

Penlowarth House in Penzance is sold by Jones Lang LaSalle

Former HMRC Building Sold to Local Investor


Exeter, 14th March 2012 - Acting on behalf of Mapeley Limited Jones Lang LaSalle has sold Penlowarth House in Penzance, a 1960s office building located in the city centre with panoramic views over the Bay and towards St Michaels Mount.  The purchaser is Barrowfen Properties Limited and the price paid was £465,000. 
 
The property became surplus to requirements and was sold as a part let/part vacant income producing investment opportunity.  It comprises some 19,734 sq ft and has a current rent role of £82,025 per annum. 
 
Jones Lang LaSalle looked at potential refurbishment options and new build and the best value came up as offices for existing use for offices.
 
Andrew Pearce, director in Jones Lang LaSalle's Business Space team in Exeter, commented: "We considered hotel and residential conversion option for the building but its inherent value in its existing income as an offices gives the new owner a return whilst he works up an alternative option for the building."