Ho Bee buys in WC2
Singapore-based Ho Bee Land, through subsidiary HB St Martins Pte, has paid £43.9m – a 3.8% yield – for 60/62 St Martin’s Lane, WC2. The 32,000 sq ft property was sold by St Martin’s Property. Michael Elliott represented the vendor; the purchaser was unrepresented.
Orchard grabs Gate
Orchard Street Investment Management has bought the 104,254 sq ft Rockingham Gate industrial park near Bristol for £10.7m. The property was bought from the BP Pension Fund at a net initial yield of 5.95%. Savills advised for Orchard Street; Knight Frank acted on behalf of the BP Pension Fund.
JR Capital banks on Leicester
JR Capital has bought a mixed-use plot in Leicester for £3.7m – a net initial yield of 6.25%. The property is anchored by the main city branch of Natwest with adjoining shops and 20 flats. Allsop acted for JR Capital; vendor Threadneedle Investments was represented by Fawcett Mead.
Healthy buy for Quantum
NHS Property Services has sold the six-acre Old Manor Hospital in Salisbury, Wiltshire, to Quantum Group for £4.1m. The site, which contains two listed buildings, has been declared surplus to NHS requirements. Quantum plans to develop it as an 80-home assisted-living scheme. JLL acted for NHS Propco; Quantum Group was unrepresented.
Fidelity makes it nine
The Fidelity UK Real Estate Fund has made its ninth purchase this year with a 222,386 sq ft distribution centre in Coalville, Leicester. Tenant Pall-Ex Holdings has agreed a 20-year sale and leaseback for £16m – a net initial yield of 6.5%. Frank-Steier Price represented Fidelity; CBRE acted for Pall-Ex.
