The founder of Castlemore Securities, Grahame Whateley, has a put a Maidenhead office block next to the new Crossrail station up for sale.
Whitmarsh Holt Young has been instructed to sell 40,000 sq ft Braywick Gate. Offers in excess of £16.3m are sought, reflecting a 6.65% net initial yield.
The property is the gateway to Maidenhead town centre.
It is multi-let and generates a passing rent of £1.1m pa, and is likely to be well received by investors.
There are lease breaks in the next one to three years, allowing for potential rental hikes.
Rents in Maidenhead are expected to jump from current average rents of nearly £30 per sq ft.
This is supported by the IPD rental growth projections for Maidenhead, with an average annualised increase of 4.6% over the next four years. The arrival of Crossrail in 2018 will also strengthen the market.
joanna.bourke@estatesgazette.com
