Cornerstone Real Estate Advisers has bought Hays House in Guildford, Surrey, for £4.5m, reflecting a net initial yield of 7.2%.
The asset, bought on behalf of a client, comprises 18,000 sq ft of multi-let offices where rents can reach £23 per sq ft.
Darren Hutchinson, director – portfolio management and transaction at Cornerstone, said: “The asset provides scope for further income enhancement through the refurbishment of the remaining floors and will complement the fund’s existing holdings.”
Montagu Evans acted for vendor Rockspring Property Investment Managers; Cushman & Wakefield represented the purchaser.
joanna.bourke@estatesgazette.com
