RO Group sells Sevenoaks office for £6.1m

Family company RO Group has sold its office asset in Sevenoaks to a local private investor for £6.1m, which reflects a net initially yield of 8.2%. The office asset at One Suffolk Way recently underwent a refurbishment, which pushed its sustainability credentials up to an EPC B rating. This, in turn, helped the building achieve near-record rents for the area at £36 per sq ft to Birketts LLP, just a touch behind the £36.50 per sq ft record set by Acorn Insurance at 16 South Park. Birketts LLP now occupies 8,856 sq ft in the building, having expanded to occupy the final vacant floor. Nick Cashmore, investment director of the RO Group, said the deal aligned with the company’s strategy of “realising value” from its portfolio. He added: “We intend to reinvest the proceeds into strategic acquisitions focusing on the industrial and roadside sectors.” RO Group was advised by Allsop and Womble Bond Dickinson. Ereira Mendoza acted for the purchaser.