Clearbell Capital has announced that one of its funds has sold One Park Lane, Hemel Hempstead to Real Assets (RA) Global Opportunity Fund I Limited (RAGOF), a fund advised by Floreat Real Estate Limited.
The property was acquired by Clearbell in November 2013 as part of a six asset portfolio of Greenhill managed office buildings, predominantly located in the South of England.
One Park Lane is situated in the heart of Hemel Hempstead. Built in 1989 the building is one of the town centre’s largest offices at approx. 8,931 m² (96,135 ft²), with accommodation on the ground floor and three of the upper floors.
The lowest three floors are occupied solely by Bourne Leisure Limited under two separate leases, with One Park Lane being their UK HQ. The main Bourne Leisure lease benefits from uncapped consumer price index increases at review. The third floor is multi-let to Carestream Health UK Limited and Arqiva Wifi Limited, along with approx. 590 m² (6,350 ft²) of vacant space representing 6.61% of the total floor area.
RAGOF has acquired the asset as part of an existing special purpose vehicle. The purchase price represents a net initial yield of 7.4%.
Duncan Jarvis, Senior Asset Manager at Clearbell, commented: “We are delighted to have sold One Park Lane. The asset will provide Floreat Real Estate with the potential for continued asset management initiatives going forward through the optimisation of the incumbent tenants and letting of the vacant space”.
Clive Thomas, Managing Director of Floreat Real Estate, said: “The purchase of One Park Lane represents the seventh investment by our inaugural fund and ideally complements our strategy of acquiring high quality, income producing assets in attractive locations with asset management potential. We anticipate strong growth in the South-East office market and look forward to expanding our portfolio of properties”.
Source: Clearbell Capital
