Burford has sold the 3,623 sq m (39,000 sq ft) Observatory Building in Bracknell to British Airways Pension Fund Trustees for £16.25m. The sale price reflects an initial yield of 6.2%.
The site was acquired by Burford in 1996 as part of a ground rents portfolio purchased from the Commission for the New Towns.
Financial advisor Towry Low recently took a 16-year lease on the building at a rent of £296 per sq m (£27.50 per sq ft), with seven months rent free. Franc Warwick advised Burford, while Morgan Williams acted for the purchaser.
EGi News 18/04/00
