GE Real Estate UK, in partnership with Bell Hammer, has acquired an office development in Welwyn Garden City for £10.75 million (approx. €15 mln) from Shepherd Development Company Limited.
The scheme, called Alchemy, comprises 41,000 ft² of air conditioned office space with 146 car parking spaces. The construction of the scheme was completed last month and GE Real Estate, who acquired the building with vacant possession, will be launching it to the market on 22nd June at a quoting rent of £22.50 per ft².
Bell Hammer, who acted as development manager on the project, has been appointed as incentivised partner. Letting agents on the scheme are Savills and Strutt & Parker.
Mike Rowan, Managing Director of GE Real Estate UK, commented, "Welwyn has a strong base of indigenous corporate occupiers and so we envisage strong tenant interest in the property which is the only new Grade A office property coming onto the market. We are looking forward to working with Bell Hammer who is well placed to deliver on the lettings. This acquisition forms part of our strategy to expand our presence in the markets outside of London, and in fact brings our total investment in commercial space outside Central London to £300 million over the last 12 months."