Rockspring Property Investment Managers and BlackRock UK Property Fund are looking to sell the TOR office block in Maidenhead town centre for £35m.
They have appointed Cushman & Wakefield and Bray Fox Smith to find a buyer for the 68,065 sq ft freehold building.
Located on Saint Cloud Way, TOR is let to three tenants – Vertiv Infrastructures, Rank Leisure Holdings and Lane 4 Management Group – at a total passing rent of £2.1m per year, an average of £31.50 per sq ft.
The weighted average unexpired lease term to expiry is 9.3 years and 8.8 years to break.
The Berkshire town is set to benefit from the arrival of Crossrail next year, which is reflected in headline rents in the area increasing to £39 per sq ft.
Several other new developments are also planned for the area, including 500 new homes to be delivered by Countryside and the Royal Borough of Windsor & Maidenhead adjacent to TOR.
The sale price represents a net initial yield of 5.75%.
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