Clearbell Capital has sold One Park Lane, Hemel Hempstead, Herts, to Floreat Real Estate’s Real Assets Global Opportunity Fund I for close to £16.5m – a 7.4% yield.
The property was acquired by one of Clearbell’s funds in November 2013 as part of a six-asset portfolio of Greenhill-managed office buildings, located mostly in the South of England.
Built in 1989, the building is 96,135 sq ft, with accommodation on the ground floor and three of the upper floors.
The lowest three floors are the UK headquarters of Bourne Leisure, which occupies the whole of the space under two separate leases. The main lease provides for uncapped consumer price index increases at review.
The third floor is multi-let to Carestream Health UK and Arqiva Wifi, along with 6,350 sq ft of vacant space, representing 6.61% of the total floor area.
Duncan Jarvis, senior asset manager at Clearbell, said: “The asset will provide Floreat Real Estate with the potential for continued asset management initiatives going forward through the optimisation of the incumbent tenants and letting of the vacant space.”
Clive Thomas, managing director of Floreat Real Estate, said: “The purchase of One Park Lane represents the seventh investment by our inaugural fund and complements ideally our strategy of acquiring high quality, income-producing assets in attractive locations with asset management potential.”
Capita acted for Clearbell; Bidwells represented Floreat.
