Sale chimes for Dong block
CBRE Global Investors has bought 1-5 Howick Place, SW1, from Doughty Hanson and Urban & Civic for £210m, a sub-4.7% yield. The 140,000 sq ft office is let to tenants including Dong Energy, Giorgio Armani and Edelman. Invesco Real Estate and CBRE advised on the sale; JLL acted for the purchasers.
Rockspring buys Scots office
Rockspring’s UK Value 2 fund has bought 1 Tanfield, Edinburgh, from Carlyle Group for £56m – a 6.5% yield. Tanfield, a 190,846 sq ft office building, is 80% let to tenants including Dell, Trainline.com, Aecom and FNZ. Eric Young & Co acted for Rockspring; Carlyle Group was advised by CBRE.
90 North makes retail purchase
Hammerson has sold Drakehouse Retail Park in Sheffield to 90 North Real Estate Partners for £61.7m, a 6.4% yield. The 215,000 sq ft park is Sheffield’s largest and
is fully let to tenants including Homebase, Currys and B&M. Savills advised Hammerson; 90 North Real Estate Partners was advised by Staunton Whiteman.
Argos distribution shed sold
Tritax Big Box REIT has bought Canmoor’s Argos Regional Distribution Centre at Heywood, Manchester, for £34.1m, a 5.3% yield. The 381,106 sq ft centre was developed in 1998 for Argos. It has an unexpired lease term of 13 years, subject to five-yearly open-market rent reviews. Buchanan Bond represented Tritax; Rapleys acted for the vendor.
McKay buys Berkshire shed
McKay Securities has bought a distribution facility from Patron and APAM for £10.7m, a 6.6% yield. The 96,580 sq ft distribution site at Arlington Business Park in Theale, Berkshire is let until 2020 to Kuehne + Nagel. Haslams and Whitmarsh Holt Young acted for McKay; Tudor Toone advised Patron and APAM.
