Warwick House, London Road, Redhill
Town centre office building sold on behalf of Aberdeen Asset Management to Thames River Capital for £5,180,000, reflecting a net initial yield of 7.85%.
The 20,434 sq ft office building is let to The First Secretary of State until 2023, at a passing rent of £430,500 per annum, equating to £21.36 per sq ft. The building is arranged over ground and four upper floors with 68 car parking spaces. The tenant has a break option in April 2021.
Located at 67 Station Road in Redhill, Warwick House is immediately adjacent to the pedestrianised town centre and close to the station, Warwick Quadrant and Belfry Shopping Centres and a number of major office occupiers such as Santander and AXA.
Elstree Gate, Elstree Way, Borehamwood
Greater London office campus sold on behalf of Aberdeen Property Investors to AEW Europe for £10,825,000 reflecting a net initial yield of 8.21%.
Elstree Gate is a modern development of 7 adjoining two storey office buildings totalling 68,762 sq ft set in mature landscaped grounds fronting Elstree Way. Each building offers self-contained office accommodation arranged over ground and first floors. 319 marked car parking spaces are provided at surface level and within a secure decked car park to the rear of the site.
The scheme is let to tenants including The First Secretary of State, Cable & Wireless UK & Durkan Limited. The WAULT to expiries was 9.8 years and 6.2 years to breaks.
Meridien House, Clarendon Road, Watford
Multi let, grade A office building sold on behalf of IVG to M&G Real Estate for £19,011,000 reflecting a net initial yield of 5.90%.
Meridien House is a 59,977 sq ft Grade A office building arranged over ground, six upper and two basement floors and is located at 69-71 Clarendon Road, Watford. The two basement levels provide 177 car parking spaces.
The building is fully let to 8 tenants including i2 Offices, Bathstore, Galderma and Elavon Financial Services with an average weighted unexpired lease term of 8 years. Clarendon Road is Watford’s prime office pitch linking Watford Junction rail, bus and tube stations to the town centre and the Intu Shopping Centre. Watford Junction rail station provides a direct rail link to London Euston in only 15 minutes.