LaSalle Investment Management announces that it has completed the purchase of 3 Furzeground Way, Stockley Park, Uxbridge for approximately £21.8 million (approx. €25 million), reflecting a net initial yield of 8.82%.
The refurbished 77,827-ft² (approx. 7,230-m²) grade-A office building is located within Stockley Park, one of the UK's premier business parks, which provides over 1.74 million ft² of grade-A office accommodation in 26 office buildings.
It is set within 450 acres of landscaped parkland a short distance from Heathrow, with access via the M4 and M25. Stockley Park's amenities include a wine bar, gym, restaurant and nursery, and the Park has a dedicated championship golf course and country park.
3 Furzeground Way currently has a number of high-profile tenants, including IBM United Kingdom Ltd., Toshiba of Europe Ltd., Toshiba International Finance (UK) Plc, Otsuka Pharmaceuticals (UK) Ltd., Havi Global Solutions Europe Ltd, Nobel Biocare UK Ltd and The Canadian High Commission. Other occupiers at the Park include Regus, Sharp Electronics, Apple Computers and Canon Europe.
Nneka Ejindu, Asset Manager at LaSalle said: "This latest purchase represents an excellent addition to the portfolio. The property provides high-quality, refurbished office space that is well-let to an excellent mix of high profile tenants. The property is superbly located on a premier South East business park, which has traditionally attracted reputable international companies.
"The building is well placed to benefit from strengthening occupational market and provides a good opportunity to generate value for our institutional investors."
Jack Stacy at Invista said: "The disposal follows successful completion of asset management initiatives which led to good investor demand and an attractive sale price."
LaSalle was advised by Jones Lang LaSalle. Invista was advised by CBRE.
Source: Citigate Dewe Rogerson