DTZ Investors has sold Midas House, Woking, to Standard Life Investments for £19m, representing a net initial yield of 6.45%.
The 58,000 sq ft office and retail building is currently let to tenants, including SABMiller and Nielsen Book Services, at £23.00 per sq ft. The property provides a weighted average unexpired lease term of four years.
Tom Woolhouse, partner in investment at Montagu Evans, said: “We feel we have achieved an excellent price on behalf of our client, DTZ Investors. The sale drew significant levels of interest from a variety of institutional investors and further demonstrates the continuing strength of the South East office market. A number of investors in 2014 have sought to buy into Woking, with rents continuing to rise, and the town currently undergoing a significant regeneration programme.”
Montagu Evans advised DTZ Investors and Knight Frank advised Standard Life Investments.
