Mountgrange Investment Management LLP has agreed to purchase Meadows Business Park, which is comprized of four Grade A office buildings in a strong location in Camberley, Surrey for £23.5 million (aprrox. 26.1 mln.). With acquisition at a capital value of £150 per ft², and an estimated replacement cost of £160 per ft², the purchase represents a highly attractive investment by Mountgrange.
The business park, which is being acquired from Scottish Widows, has a strong tenant line up and counts City Link Ltd, Kendle International Ltd and the British Cement Association as three of its seven occupiers.
Rob West, a Partner at Mountgrange, commented: "Meadows Business Park is clearly a very attractive investment proposition, is a best in class property and with a quality which is rarely available. The purchase price is below the estimated replacement cost, and with little equivalent property in the locality, will prove attractive to new tenants. Mountgrange's proactive asset management skills will add value to what is already a great site with impressive credentials."
Completed in 2002, Meadows is set in landscaped grounds on the outskirts of Camberley. It is close to Junction 4 of the M3 motorway and adjacent to Blackwater rail station. The site comprises four office blocks totalling 140,000 ft² (12,960 m²)as well as 16,000 ft² of storage space.
Completion of the purchase is scheduled for 15 April 2010. GVA Grimley, Grant Thornton and Nabarro are advising Mountgrange on the deal.
Source: HeadLand Consultancy