The acquisition price represents a net initial yield of 4.03% with a potential reversionary yield of 9.8% once fully let.
The 71,500 square foot (sq ft) park is currently 36.6% let to three tenants producing a combined rental income of £627,372 a year.
Circle said there is a vacant area of 45,328 sq ft with 21,346 sq ft under offer or in negotiation. The property benefits from being rebuilt in 2007 by LaSalle UK Ventures Property to a high specification including four new lifts, air conditioning and full height glazed atriums at a cost of around £7.4mln, the property firm added.
The acquisition was primarily funded by a £12.79mln drawdown from the company's recently agreed £100mln bank facility.
“We believe we can add significant value to the property using our expertise in active asset management to drive rents,” said John Arnold, the chief executive of Circle Property.