Offices

Grade A office accommodation comprising 62,724 sq ft let to Aviva Central Services UK Limited, guaranteed by Aviva insurance limited for a term expiring in December 2029. The freehold interest was acquired by FWHRE at a yield of 6.31% from Lothbury Investment Management.

Office accommodation on an established business park comprising 32,292 sq ft on ground and three upper floors together with 136 car spaces. Let to MacMillan Publishers International Ltd and HM Publishers Holdings Ltd for a term expiring March 2026 with tenants options to break in March 2021. The freehold interest was acquired from Shire Pharmaceuticals Development Ltd.

A modern office building of 111,000 sq ft arranged over 3 floors with the benefit of 734 car spaces. The building is let to the Automobile Association Developments Ltd, guaranteed by AA Plc, on a lease expiring 2028 at a rent equating to £14.50 per sq ft. The freehold interest was acquired by SCPI Corum XL from vendor RREEF. Lindley Mortimer acted jointly.

A modern office building comprising 20,439 sq ft with 54 car spaces, completed in 2007. The lease was re-geared to a new 25 year term with the benefit of RPI increases 5 yearly, subject to a minimum of 1% and a maximum of 3%. Acquired from a developer who owned the adjoining site where an additional office is to be constructed for SIG.

A modern newly refurbished office building of 21,500 sq ft with 82 car spaces, let to Barratt Developments for 10 years. Recently acquired for FWHRE at a price of £3.625m, reflecting a net initial yield of 6.75%.

A modern office building constructed in 2011 of 16,500 sq ft arranged over 6 floors with the benefit of 20 car spaces. The building was let to the Metropolitan Borough of Bury on a lease expiring in 2036 subject to 5 yearly rent reviews to the higher of OMV or 2% per annum compounded. The long leasehold interest was acquired by a South African fund at an initial yield of 6%. The property was subsequently sold in early 2017 to Greenridge.

A modern office building constructed in 2009 of 16,500 sq ft arranged over ground and five upper floors with the benefit of 19 car spaces. The building was let to Sky on a lease expiring in 2025 subject to 5 yearly rent reviews to the higher of OMV or RPI subject to a minimum of 1% maximum of 3%. The long leasehold interest was acquired by a South African fund at an initial yield of 7%. The property was subsequently sold in early 2017 to Greenridge.

A modern office building constructed in 2006 and comprising 17,500 sq ft with 65 car spaces. The building was let to Keepmoat on a lease expiring in 2030, subject to a tenant’s break in 2027. The lease allowed for 5 yearly rent reviews to the RPI index, capped and collared at 2% and 4% per annum compounded. The long leasehold interest was acquired by FWHRE at an initial yield of 6.74%.