L&S buys Project Isobel site
London & Stamford is buying Marlow International in Buckinghamshire from Royal Bank of Scotland’s and Blackstone’s Avestus joint venture for £50.2m – a yield of 8.9%. The 231,000 sq ft office building is multilet, with an average unexpired term of seven years. Knight Frank advised Avestus; Dowley Turner Real Estate acted for L&S.
F&C negotiates The Lanes
F&C REIT is buying the 465,000 sq ft The Lanes shopping centre in Carlisle, Cumbria, from Aviva Investors for around £65m – a yield of 7.5%. Strutt & Parker represented Aviva Investors; Franc Warwick acted for F&C REIT.
Greenwich buy kicks off MVMT
Development Securities and Cathedral Group have bought the 2.2-acre former Greenwich Industrial Estate site in south-east London from the Royal Borough of Greenwich for £16m. The land purchase will allow the partners to bring forward a consented 350,000 sq ft, mixed-use scheme, called the MVMT. Nick Sweeney Property Consultants acted for the purchasers; Jones Lang LaSalle advised Greenwich.
Akelius buys Grainger flats
Swedish property group Akelius has completed the purchase of Brondesbury Court, NW2, from Grainger for £6.7m. The four-storey residential block comprises 18 flats and has planning permission for a further four two-bedroom flats. CBRE acted for Akelius; Knight Frank advised Grainger.
Metric bags retail hat trick
Metric Property Investments has acquired two shops in Midland Road, Bedford, from LPA receivers for £5.7m – a 7% yield. The deal comes as Metric’s £150m joint venture with Universities Superannuation Scheme bought a B&Q in Camborne, Cornwall, for £8.2m – a 7.3% yield. Jones Lang LaSalle acted for Metric; GVA represented the vendors.
