Friday, 19 September 2014
RO completes the development of Hemel Park (UK)
RO Real Estate, the UK commercial property investment and development company, has completed the sale of the last remaining plot at Hemel Park, Boundary Way, Hemel Hempstead.
RO has sold the 1.74 acre Plot 1 at Hemel Park for £1.6 million (€2 million) to Private One Stop Doctors Limited.
Private One Stop Doctors Limited will construct a private medical facility on the site which will be in accordance with RO’s agreed design brief and specification.
This disposal follows the sale of Plot 2 to Imagination Technologies Ltd and the sale of Plot 3 to Trustees of DIME holdings retirement benefit scheme. These plots have been developed out by owner occupiers for a data center and trade only builders merchant.
Richard Bourne, head of RO Real Estate, said: “This disposal completes our interest in Hemel Park and demonstrates how popular this high-quality site has been with occupiers. We have achieved a strong return on our investment and it reiterates our ability to source assets in strong locations and to add value through asset management, refurbishment and development”.
RO Real Estate secured planning and produced a design brief and specification for each plot and unit to ensure consistency and high quality of design throughout the park. RO Real Estate refurbished the 100,000 ft² (9.290 m²) office building in 2005 and 2007 and has subsequently let the entire building to a variety of tenants including BP, Ericsson, K Com and NHS.