Henderson Global Investors has snapped up an office scheme at 64 Clarendon Road, Watford, on behalf of its NPI pension fund, and will fund Terrace Hill’s development of the site.
The transaction will involve a total investment of over £22m, offering a net return of 7.25%.
The building, opposite Watford Junction railway station, will provide 6,265 sq m (67,444 sq ft) of offices over five floors.
Terrace Hill has prelet the development to Gainsborough Morrison (with the surety of Anglian Water and Gainsborough Group) on a 15-year lease at a rent of £263.72 per sq m (£24.50 per sq ft).
Completion is scheduled for July 2003.
King Sturge acted for Henderson, while Sworder Belcher Holt and Richard Brudenell acted for Terrace Hill.
EGi News 04/01/01
