BBC’s Brighton office changes hands

A Brighton office majority let to the BBC has a new owner. Exton Estates, a London-based investor-developer, has acquired Imperial House at 40-42 Queens Road from Wesleyan Assurance Society. SHW and Nightingale Partners had marketed the 11,514 sq ft building for offers of more than £2.45m, reflecting a net initial yield of 10.1%. SHW has been retained to let and manage the building. The BBC and Sprung Studios let the office for a total net income of £263,097 per annum. When marketing the site, agents highlighted the opportunity to refurbish the vacant third and fourth floors, but also highlighted the possibility for alternative uses, including a conversion to residential, education or medical. The BBC’s lease for the lower ground, ground and first floors ends in 2027. Martin Clark, investment partner at SHW, said: “Imperial House is an unusual product, with well-shaped and sized floorplates, great parking and potential for external space to be added to improve the occupier experience. The numerous asset management opportunities made this an attractive acquisition for Exton Estates to utilise their development expertise.” Bray Fox Smith represented Exton Estates.