Countryside Commercial has forward sold the Gemini Centre in Chelmsford town centre to Argyll Property Asset Managers for £6.5m off a 10.75% initial yield.
The property company purchased the 3,900 sq m (42,000 sq ft) part-vacant scheme from Municipal Mutual Insurance in a deal which was conditional upon securing a 1,230 sq m (13,250 sq ft) pre-let with the Employment Service.The transaction also required the surrender of Allied Dunbar’s lease on 760 sq m (8,200 sq ft) and the relocation of Zurich Municipal.
Rents under the new leases have been struck at between £150 and £156 per sq m (£14 to £14.50 per sq ft). The refurbishment programme is scheduled for completion in October, by which time income will be about £650,000 pa.
Nelson Bakewell advised Countryside Commercial while Chesterton represented MMI. Catella UK acted for Argyll Property Asset Managers.
EGi News 23/04/97
