Prestbury Group acquires offices portfolio for £32.55m
Prestbury Group has exchanged contracts with Brixton Estate to acquire a portfolio of office properties for £32.55m.
Properties in the portfolio comprise:
- Thavies Inn House, London EC1 – a 4,180 sq m (45,000 sq ft) multi-let office block dating from the 1950s, held on long leases from the City Corporation, which generates £727,000 pa.
- John Carpenter House, London EC4 – a freehold 3,066 sq m (33,000 sq ft) office building, let to Reuters at £825,000 pa on a lease expiring in eight years.
- Cassiobury House, Station Road, Watford – a late 1970s freehold, 3,437 sq m (37,000 sq ft) multi-let building, producing £594,000 pa.
- Elder House, Milton Keynes, adjacent to Milton Keynes railway station – a modern, freehold multi-let 6,596 sq m (71,000 sq ft) office building, which generates £959,000 pa.
- 126 Colmore Row, Birmingham – a 956 sq m (10,300 sq ft), long leasehold mixed restaurant/office building producing £156,000 pa.
The total net income receivable is approximately £3.3m pa, reflecting a net initial yield of 9.5% to Prestbury after acquisition costs.
Prestbury’s chairman, Nick Leslau commented: “This is a welcome opportunity to acquire a portfolio of very well located and high yielding assets, which provide scope to further improve both income and capital values through intensive hands-on management”.
Franc Warwick represented Prestbury in the acquisition. DTZ Debenham Thorpe and Jones Lang Wootton acted for Brixton.
EGi News 27/05/98
Prestbury Group has exchanged contracts with Brixton Estate to acquire a portfolio of office properties for £32.55m.
Properties in the portfolio comprise:
Thavies Inn House, London EC1 – a 4,180 sq m (45,000 sq ft) multi-let office block dating from the 1950s, held on long leases from the City Corporation, which generates £727,000 pa.
John Carpenter House, London EC4 – a freehold 3,066 sq m (33,000 sq ft) office building, let to Reuters at £825,000 pa on a lease expiring in eight years.
Cassiobury House, Station Road, Watford – a late 1970s freehold, 3,437 sq m (37,000 sq ft) multi-let building, producing £594,000 pa.
Elder House, Milton Keynes, adjacent to Milton Keynes railway station – a modern, freehold multi-let 6,596 sq m (71,000 sq ft) office building, which generates £959,000 pa.
126 Colmore Row, Birmingham – a 956 sq m (10,300 sq ft), long leasehold mixed restaurant/office building producing £156,000 pa.
The total net income receivable is approximately £3.3m pa, reflecting a net initial yield of 9.5% to Prestbury after acquisition costs.
Prestbury’s chairman, Nick Leslau commented: “This is a welcome opportunity to acquire a portfolio of very well located and high yielding assets, which provide scope to further improve both income and capital values through intensive hands-on management”.
Franc Warwick represented Prestbury in the acquisition. DTZ Debenham Thorpe and Jones Lang Wootton acted for Brixton.
EGi News 27/05/98
