Property company London and Stamford has completed the acquisition of an office building located on Leatherhead Office Park in the South East.
The property, known as Unilever House, was bought for £61.15m, which reflects a net initial yield of 6.85%. The property comprises 179,457 sq ft and is let in its entirety to Unilever UK, for which it was purpose built, at a rent of £4.43m per annum. The unexpired lease term is for a further 11 years.
The purchase of Unilever House also includes 520 car parking spaces and an existing planning consent to extend the building, which it is anticipated will be applied.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Raymond Mould, Chairman of London & Stamford, said: "We are pleased to have acquired Unilever House. It is a high quality asset in an attractive and established location adjacent to the M25 and offers an excellent cash yield combined with a secure tenant.
"The South East office market has witnessed a number of major lettings recently and is demonstrating good levels of demand from occupiers looking to relocate to the best available space. We believe that there will be further opportunities in the South East office sector."
NR
-
Saba Capital and Boaz Weinstein respond to investment trustsAs investment trust managers and industry experts accuse Saba of self-motivated opportunism, the hedge fund responds to specific "misleading claims" and sets out its stall
-
How to find top-quality companies with growing dividendsIan Mortimer, portfolio manager of Guinness Global Equity Income Fund, shares where he would put his money for sustainable and growing dividends
