Surinder Arora’s Arora Group has acquired an office block in Crawley, West Sussex, as part of its continued investment into the area.
The group has bought the 148,000 sq ft Office building in Manor Royal business park for £14.25m, which it plans to refurbish and re-let.
The building has 677 car parking spaces. It is currently let to Virgin Travel Group until June 23 2017, at a rent of £2.8m pa, or £18.80 per sq ft. The tenant is currently in the process of moving all departments in the Office to the adjoining Leonardo Building, Virgin Atlantic’s new head office. Headline rents in Crawley are £27.50 per sq ft.
Arora has also acquired a 25% share in Manor Management Company, which manages the 593-acre Manor Royal business park, one of the largest business parks in the South East.
The property is in the Gatwick Diamond innovation hub, which hosts the regional headquarters of a variety of businesses in aviation, engineering and the life sciences sectors.
The company is also behind the Crawley Gateway development, which includes 308 flats, a new entrance and ticket hall for Crawley railway station, a refurbished bus station, retail kiosk and coffee shop and start-up business hub, as well as public realm and road improvements.
In a separate move, Arora has sold a 65,000 sq ft office by Stansted Airport, Endeavour House, as part of its strategy to divest non-core assets and focus capital on larger assets with a long term view.
JLL represented LaSalle Investment Management, the vendor; Arora was unrepresented
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