Tri7 has completed the sale of a freehold Grade A office and laboratory HQ in Crawley, near London, to a private overseas investor for €6.6m (£5.85m), representing a net initial yield of 8%.
The company acquired the 33,384ft²workspace, known as Atrium Court, in summer 2020 during the first Covid lockdown in the UK. Since then, Tri7 has efficiently executed its business plan for the asset, including a significant capex programme and agreeing the largest lease in the Sussex town since the pandemic.
Fully let on a 10-year lease to fuel cell manufacturer Bramble Energy, as its office and research laboratory HQ, Atrium Court is located in Tilgate Forest Business Park. Adjacent to Junction 11 of the M23 motorway leading to London and Gatwick Airport, Atrium Court benefits from excellent rail connectivity, benefitting from three mainline train stations that provide easy access to London and the south coast, including towns and cities such as Brighton.
Alex Bowman, Partner at Tri7, said: “We acquired Atrium Court during the early stages of the pandemic as we were confident in the long-term future of well-located and high-quality offices; a conviction we still very much stand by and proven by the fact that we have completed this disposal just months after we started marketing the asset in autumn of last year. While the market is certainly challenging right now, we believe there is a significant opportunity for experienced investors with expertise in asset management and repositioning of buildings to create best-in-class assets and we will continue to seek assets, particularly those in town and city centres with regeneration potential, as part of our value-add strategy.”
Samuel Castle, Partner at Tri7, said: “Atrium Court is prime workspace that boasts a location that benefits from not only being part of an impressive business and R&D hub, but also having exceptional transport links to London, the south coast, and Gatwick Airport. We have substantial appetite to seek out similar such opportunities where we can apply our ability to agree complex deals, unlock potential and add significant value to projects.”
