Schroders managed opportunity fund, Gresham Property Partners, has bought GlaxoSmithKline’s Welwyn Garden City site for £4.8m.
The sale of the 31,700 sq ft (2,945 sq m) office building and adjoining development site reflects a yield of 9.8%, after the rent-free period – with tenant Mouchel Consulting – expires.
The development site has detailed planning consent for a 23,680 sq ft (2,199 sq m) three-storey office building.
Gresham has also acquired two industrial buildings in Tongwell, Milton Keynes from MWB Services for £4.6m.
The larger of the two units, 3B Michigan Drive, provides 65,000 sq ft (6,038 sq m) of accommodation and is let to Bong UK at a rent of £314,000 pa.
The smaller unit, 3C Michigan Drive, provides 49,000 sq ft (4,552 sq m) of accommodation and is vacant.
Gresham has appointed Frontier Estates to manage the refurbishment and letting.
FPDSavills advised Schroders on the deal in Welwyn Garden City, while Jones Lang LaSalle represented Glaxo SmithKline.
Heywood & Partners advised Schroders on the deal in Milton Keynes, while Drake & Partners represented MWB Services.
EGi News 13/01/03
