Kennedy Wilson takes paper HQ
Kennedy Wilson Europe Real Estate has gone under offer to buy the Telegraph’s Victoria HQ for £207m. Green Property Group’s sale of the 230,000 sq ft building at 111 Buckingham Palace Road, SW1, represents a 5% yield. Kennedy Wilson was advised by JLL; CBRE acted for the vendor.
Alliance buys in Manchester
Property Alliance Group has bought 80 Manchester Road, Greater Manchester from Selbourne Group for £4m. The 41,000 sq ft office is let to HMRC and the Employment Service, with a rent roll of £450,000, giving the off-market deal a yield of 10.75%. Both parties were unrepresented.
Blackrock buys Brakes…
Blackrock‘s UK Long Lease Fund has bought its first industrial property – a 244,391 sq ft warehouse in Grantham, Lincolnshire for £15.1m – a 5.35% yield. Hermes sold the property, which is let to Brake Bros for 23 years. BlackRock was advised by Savills; Hermes Real Estate was represented by DTZ.
… and Milton Keynes’ CBXII
Fund manager Benson Elliot has sold CBXII on Midsummer Boulevard in Milton Keynes to Blackrock for £35m, reflecting a net initial yield of 7%. The 150,000 sq ft office and retail block represents Benson Elliot’s first sale of a post-crisis regional investment. Allsop acted for Benson Elliot; Tudor Toone advised Blackrock.
Hall sold for housing
A London housebuilder has exchanged contracts to buy a 20,000 sq ft club for a 40-home development in Harrow, West London. Bridgewood paid £3m for Churchill Hall, on a 0.5-acre plot on Hawthorne Avenue. LEVY Real Estate advised the private vendor; Petermans acted for the buyer.
