LaSalle Investment Management has completed the sale of Frimley Business Park in Surrey to Investream in partnership with Angelo, Gordon & Co for £15m.
The price for the 13.4-acre park, founded in the late 1980s by Arlington, reflects a 13.2% yield.
The park comprises nine office buildings totalling 161,074 sq ft and includes a 1.6-acre development site with consent for two offices extending to 75,000 sq ft.
Current occupiers at the park include Alcatel Lucent and the Environment Agency.
LaSalle was advised by BNP Paribas Real Estate; Investream was represented by Lewis and Partners.
Richard Talbot-Williams, investment director at BNP PRE, said: “The oversupply of office space and lack of tenant demand in the M3 market since 2008 has been seriously acute but the sale of this asset shows that investor confidence in the location has started to move in a positive direction.”
Nick.whitten@estatesgazette.com
