Green Property buys property portfolio for £37.1m
Green Property has bought an investment portfolio from United Friendly Insurance for £37.1m. The deal reflects a 9% net yield. The portfolio’s 13 properties – most of which are in the south-east – generate £3.4m pa (see end of article for portfolio details).
The Dublin-based property company has also announced a 1 for 3 Rights Issue of IR200p per share to raise IR£30m for further investments. Director Mark Cherry confirmed that in the short term the company would be consolidating the latest investment. But later on in the year Green will be looking at multi-let schemes like office blocks, shopping centres, and industrial parks.
He said: “We do not have a regional bias, but the property would have to be a substantial investment to make it worth our while, so it would need to have a value of more than £5m. Before the end of the year we could spend up to £50m if the right product comes along. But it will also depend on what happens with the property market.”
Both the rights issue and the portfolio acquisition from United Friendly are subject to shareholder approval at an AGM on 10 June. Joiner Cummings acted for Green, while Gooch & Wagstaff represented United Friendly .
The portfolio consists of:
- Esher House, Esher Green, Esher, Surrey.
The 1980’s 1,302 sq m (14,011 sq ft) office building is let to Woodchester Lease Management Services for 25 years from 1981 with five yearly upward-only rent reviews. The upper floors are sublet to Venson Group, while the ground and first floor is sublet to BRI International.
Freehold: Green
Net annual current rent: £255,000.
Value: £2.7m.
- 46 Moorgate, London, EC2.
The 1920’s 432 sq m (4,646 sq ft) office, located close to the Bank of England, is let to Manpower for 25 years from 1984 with five yearly upwards only rent reviews.
Freehold: Green
Net annual current rent: £200,000
Value: £1.9m
- 43-47 Monument Hill, Weybridge, Surrey.
The 1,110 sq m (11,950 sq ft) office block is let to Thompson & Stammers Number 6 Ltd for 25 years from 1979 with five yearly upward only rent reviews. United Friendly guarantees the rent for three years. The ground and first floors are sub-let to The Direct Partnership.
Freehold: Green
Net annual current rent: £235,000
Value: £2.3m
- 13 Liverpool Gardens, Worthing, West Sussex.
The 450.6 sq m (4,850 sq ft) office block is multi-let with five yearly upward only rent reviews with lease expiries from 2002. Part of the ground floor amounting to 102 sq m (1,100 sq ft) is vacant.
Freehold: Green
Net annual current rent: £40,250 rising to £40,750 in December 1996
Value: £350,000
- 17-17A High Street and 9 Cambridge Street, Aylesbury, Bucks.
Total floor area is 482 sq m (5,185 sq ft) and is let to Burton Fashion Holdings for 25 years from 1980 with five yearly upwards only rent reviews.
Freehold: Green
Net annunal current rent: £57,500
Value: £550,000
- 21 George Street, Richmond, Surrey.
The 76 sq m (820 sq ft) retail unit is let to Reed Personnel Services on a 25 year lease from 1992 with five yearly upward only rent reviews.
Freehold: Green
Net annual current rent: £43,000
Value: £675,000
- 41A George Street, Richmond, Surrey.
The 129 sq m (1,393 sq ft) retail unit is let to Knickerbox on a 20-year lease from 1990 with five yearly upward only rent reviews.
Freehold: Green.
Net annual current rent: £55,000
Value: £765,000
- 130 and 130A High Street, Sevenoaks, Kent.
The 299 sq m (3,218 sq ft) retail unit is let to Richard Shops Ltd on a 20-year lease from 1984 with five yearly rent reviews.
Freehold: Green
Net annual current rent: £47,000.
Value: £610,000.
- Somerfield Depot, Huntworth Business Park, Taunton Road, Bridgwater, Somerset.
The 22,270 sq m (239,719 sq t) distribution warehouse on 5.6 ha (13.8 acre) is let to Somerfield Property until 2024 with five yearly upwards only rent reviews.
Freehold: Green
Net annual current rent: £949,500
Value: £11.9m
- Airmed House, Edinburgh Way, Harlow, Essex
The 8,440 sq m (90,853 sq ft) factory/warehouse complex is let to Clement Clarke on a 25 year lease from 1988 with five-yearly upward only rent reviews.
Freehold: Green
Net annual current rent: £440,000
Value: £5.5m
- Unit 3a, Michigan Drive, Milton Keynes, Buckinghamshire
The 4,835 sq ft (52,047 sq ft) factory/warehouse with two stories of offices on a 1.01 ha (2.5 acres) is let to the Commission for the New Towns on a 25 year lease from 1982 with five yearly upward only rent reviews. The premises are sublet to Hoechst.
Freehold: Green
Net annual current rent: £190,000
Value: £2m
- Unit B, Orton, Southgate, Peterborough, Cambridgeshire
The 7,538 sq m (81,138 sq ft) warehouse includes 12% of offices and 120 car spaces, is let to Glenchewton on a 25 year lease from 1989 with five yearly upward only rent reviews.
Freehold: Green
Net annual current rent: £308,560
Value: £2,900,000
- Crown Business Centre, Horton Road, West Drayton, Middlesex
A fully let 14-unit industrial estate totalling 6,393 sq m (68,813 sq ft) has unexpired lease terms ranging from 3 to 13 years.
Freehold: Green
Net annual current rent: £579,636
Value: £5.8m
EGi News 22/05/96
Green Property has bought an investment portfolio from United Friendly Insurance for £37.1m. The deal reflects a 9% net yield. The portfolio’s 13 properties – most of which are in the south-east – generate £3.4m pa (see end of article for portfolio details).
The Dublin-based property company has also announced a 1 for 3 Rights Issue of IR200p per share to raise IR£30m for further investments. Director Mark Cherry confirmed that in the short term the company would be consolidating the latest investment. But later on in the year Green will be looking at multi-let schemes like office blocks, shopping centres, and industrial parks.
He said: “We do not have a regional bias, but the property would have to be a substantial investment to make it worth our while, so it would need to have a value of more than £5m. Before the end of the year we could spend up to £50m if the right product comes along. But it will also depend on what happens with the property market.”
Both the rights issue and the portfolio acquisition from United Friendly are subject to shareholder approval at an AGM on 10 June. Joiner Cummings acted for Green, while Gooch & Wagstaff represented United Friendly .
The portfolio consists of:
Esher House, Esher Green, Esher, Surrey.
The 1980’s 1,302 sq m (14,011 sq ft) office building is let to Woodchester Lease Management Services for 25 years from 1981 with five yearly upward-only rent reviews. The upper floors are sublet to Venson Group, while the ground and first floor is sublet to BRI International.
Freehold: Green
Net annual current rent: £255,000.
Value: £2.7m.
46 Moorgate, London, EC2.
The 1920’s 432 sq m (4,646 sq ft) office, located close to the Bank of England, is let to Manpower for 25 years from 1984 with five yearly upwards only rent reviews.
Freehold: Green
Net annual current rent: £200,000
Value: £1.9m
43-47 Monument Hill, Weybridge, Surrey.
The 1,110 sq m (11,950 sq ft) office block is let to Thompson & Stammers Number 6 Ltd for 25 years from 1979 with five yearly upward only rent reviews. United Friendly guarantees the rent for three years. The ground and first floors are sub-let to The Direct Partnership.
Freehold: Green
Net annual current rent: £235,000
Value: £2.3m
13 Liverpool Gardens, Worthing, West Sussex.
The 450.6 sq m (4,850 sq ft) office block is multi-let with five yearly upward only rent reviews with lease expiries from 2002. Part of the ground floor amounting to 102 sq m (1,100 sq ft) is vacant.
Freehold: Green
Net annual current rent: £40,250 rising to £40,750 in December 1996
Value: £350,000
17-17A High Street and 9 Cambridge Street, Aylesbury, Bucks.
Total floor area is 482 sq m (5,185 sq ft) and is let to Burton Fashion Holdings for 25 years from 1980 with five yearly upwards only rent reviews.
Freehold: Green
Net annunal current rent: £57,500
Value: £550,000
21 George Street, Richmond, Surrey.
The 76 sq m (820 sq ft) retail unit is let to Reed Personnel Services on a 25 year lease from 1992 with five yearly upward only rent reviews.
Freehold: Green
Net annual current rent: £43,000
Value: £675,000
41A George Street, Richmond, Surrey.
The 129 sq m (1,393 sq ft) retail unit is let to Knickerbox on a 20-year lease from 1990 with five yearly upward only rent reviews.
Freehold: Green.
Net annual current rent: £55,000
Value: £765,000
130 and 130A High Street, Sevenoaks, Kent.
The 299 sq m (3,218 sq ft) retail unit is let to Richard Shops Ltd on a 20-year lease from 1984 with five yearly rent reviews.
Freehold: Green
Net annual current rent: £47,000.
Value: £610,000.
Somerfield Depot, Huntworth Business Park, Taunton Road, Bridgwater, Somerset.
The 22,270 sq m (239,719 sq t) distribution warehouse on 5.6 ha (13.8 acre) is let to Somerfield Property until 2024 with five yearly upwards only rent reviews.
Freehold: Green
Net annual current rent: £949,500
Value: £11.9m
Airmed House, Edinburgh Way, Harlow, Essex
The 8,440 sq m (90,853 sq ft) factory/warehouse complex is let to Clement Clarke on a 25 year lease from 1988 with five-yearly upward only rent reviews.
Freehold: Green
Net annual current rent: £440,000
Value: £5.5m
Unit 3a, Michigan Drive, Milton Keynes, Buckinghamshire
The 4,835 sq ft (52,047 sq ft) factory/warehouse with two stories of offices on a 1.01 ha (2.5 acres) is let to the Commission for the New Towns on a 25 year lease from 1982 with five yearly upward only rent reviews. The premises are sublet to Hoechst.
Freehold: Green
Net annual current rent: £190,000
Value: £2m
Unit B, Orton, Southgate, Peterborough, Cambridgeshire
The 7,538 sq m (81,138 sq ft) warehouse includes 12% of offices and 120 car spaces, is let to Glenchewton on a 25 year lease from 1989 with five yearly upward only rent reviews.
Freehold: Green
Net annual current rent: £308,560
Value: £2,900,000
Crown Business Centre, Horton Road, West Drayton, Middlesex
A fully let 14-unit industrial estate totalling 6,393 sq m (68,813 sq ft) has unexpired lease terms ranging from 3 to 13 years.
Freehold: Green
Net annual current rent: £579,636
Value: £5.8m
EGi News 22/05/96
