Kenmore and BellHammer sell Room 404 for £16m

Kenmore has sold a Maidenhead office development to the ING Lionbrook Property Fund for £16m. The Edinburgh-based developer and fund management group has created a joint venture with Thames Valley developer BellHammer to forward fund the speculative development of Room 404 on Norrey’s Drive. The 33,300 sq ft office scheme was purchased by ING vacant upon completion. Daniel Williams, director of development at Kenmore, said: “This sale provides a significant return on our equity, and confirms Kenmore’s ability to identify specific areas of opportunity at an early stage of the development cycle.  “Together with BellHammer, we are very pleased to have completed this disposal, and will now work to recycle the capital back into the portfolio to continue to drive and deliver strong returns.” He adds: “We are one of the most active developers in Maidenhead and have two further properties in the pipeline. “It remains an attractive market for us and the demand for more modern office space continues to drive our development and investment programme in the area.” Matthew McDonald, fund manager for ING Lionbrook said: “We are delighted to acquire a brand new high quality office building that is currently without peers in the Maidenhead office market.  “We expect to see good rental growth within the Thames Valley market and with a prime asset in an ideal location, we are confident of great performance.” CBRE and Steward & Partners acted for Kenmore; Tudor Toone acted for ING Lionbrook Property Fund.