Office building, 27 West, in Brentford, west London, has been bought by the Post Office Pension Fund for £33.8m. The sale price reflects a yield of 7.52%.
The 9,606 sq m (103,4000 sq ft) building on Great West Road was sold by the Triton Property Fund. Triton originally bought the building in 1999 for £8.7m and has since carried out a substantial refurbishment programme.
Agfa-Gevaert occupies part of the ground, first and second floors on a 10-year lease expiring in 2009, at a rent of £207.75 per sq m (£19.30 per sq ft). There is a fixed increase in year five to £247.57 per sq m (£23 per sq ft). InterX occupies the remainder of the six storey building on a 17-year lease expiring in 2017, at £301.39 per sq m (£28 per sq ft).
FPDSavills represented the vendor, while the purchaser was advised by Hermes. Phipps Buchanan Neve acted for Hermes.
EGi News 24/01/01
