Brockton Capital is under offer to buy the Ladbroke Grove, W10, headquarters of smoothie maker Innocent Drinks from Derwent London.
The private equity fund manager has agreed terms to buy the 1.8-acre freehold Portobello Dock campus of five office buildings. They are on the market for £30m, reflecting a 4.24% net initial yield and are under offer for significantly over the asking price.
The five buildings at 344 Ladbroke Grove total 52,601 sq ft and generate a rent of £1.3m pa.
They have a weighted unexpired lease term of 3.9 years.
Coca-Cola-backed Innocent, which occupies the Stiff + Trevillion-designed Canal Building at the centre of the campus, accounts for 60% of the rent roll.
Brockton is thought to have been attracted by the opportunity to further develop the site, which has consent for residential development.
Derwent is expected to re-invest the capital from the sale into its £500m London development pipeline, which includes the White Collar Factory, EC1, and the redevelopment of Saatchi & Saatchi’s former headquarters at 80 Charlotte Street, W1.
Knight Frank and Hanover Green are advising Derwent London on the sale.
jack.sidders@estatesgazette.com
