Aberdeen Asset Management is preparing to sell one of the largest business parks in west London for £142m – a 6.4% yield.
The fund manager has appointed JLL to market the 19-acre Bedfont Lakes in Feltham, Hounslow.
The park comprises eight buildings totalling 345,000 sq ft. It is let off passing rents of around £25 per sq ft, which is substantially below the £32.50 per sq ft achieved at nearby offices.
Oil giant BP is the largest occupier on the park. It leased three buildings totalling 68,000 sq ft in 2011 before preletting an additional 135,000 sq ft in -February 2013.
Other occupiers include Birds Eye, IBM, Lindt and the Border Agency.
Scottish Widows Investment Partnership, which was bought by Aberdeen Asset Management last year, acquired the park from MEPC in 2001 for £285m before selling three buildings to Evans Randall for £160m two years later.
Since then Aberdeen Asset Management has spent £45m refurbishing the park, including a £21m refit of BP’s largest office.
The park’s current rent roll is £9.6m.
