Kingston Estates is selling a portfolio of five offices in the South East and Birmingham for more than £31.5m – a yield of 7.5%.CBRE has been appointed to market 1 St Cloud Gate, Maidenhead; Heather Court, Sidcup; Harlequin House, Teddington; 45 London Road, Reigate; and Unit 2500, The Crescent, Birmingham. Together the offices comprise 107,000 sq ft and produce an income of £2.5m pa, an average of £23 per sq ft.
All the assets are fully let to tenants including Fujitsu and cybersecurity firm Symantec.
Average weighted lease expiry is around 4.6 years, with upcoming rent reviews for some tenants next year.
The offices offer opportunities to refurbish, redevelop and extend, subject to consent.
