Rockspring and Exton Estates have appointed CBRE to sell the Velocity office scheme at Brooklands in Weybridge, Surrey, for £61m – a 5.25% yield.
The two buildings total 106,000 sq ft and are let to US multinational Cargill and South Korean electronics giant LG.
Cargill took 25,000 sq ft in March, while LG signed for 48,000 sq ft. Both are paying around £30 per sq ft. Together the leases have a weighted unexpired lease term of 13 years.
Rockspring and Exton Estates bought the site from Mercedes Benz for £4.2m in 2011. The developers made the decision to speculatively build out the site in 2012 alongside a number of other developments in the South East, several of which have already been sold.
NFU Mutual acquired Rockspring and Bell Hammer’s Stanza Building in Uxbridge for £43.1m in 2013. It is also under offer to buy Rockspring’s Flow building in Staines, Middlesex, for around £40m.
