Bradda Capital has acquired a prime office building in Guildford town centre from Abrdn for €15.2m (£12.8m), reflecting a net initial yield of 6.75%. The building, 31 Chertsey Street, is a 29,345ft², three-storey, highly specified office building with a basement car park. It was extensively refurbished by Bell Hammer in 2014 to a BREEAM rating of ‘Very Good’ and an EPC rating of ‘B’. It is multi-let to three tenants BDO, Penningtons Manches Cooper and Eagle Eye Solutions.
31 Chertsey Street is located in the centre of Guildford close to both Guildford and London Road railway stations and the high street. Guildford is an affluent town and one of the southeast’s best office centres, attracting international and national occupiers and known for being a strong legal and gaming cluster and a growing market for life sciences.
David Phillips, managing director of Bradda Capital, said: “31 Chertsey Street is a great addition to the fund and reflects our confidence in the long-term future of offices. It is a Grade A building with secure income in a very strong location with a constrained land supply and a lack of high-quality office space. It is also future-proofed with good sustainability credentials, which we expect to improve in due course in line with our investment strategy”.
Robin Nixon, Relationship Director at Barclays Corporate Banking, said: “This is the sixth transaction we have financed with Bradda Capital, and are pleased to be supporting the new fund’s portfolio whilst also underlining our ongoing commitment to the UK real estate sector”.