Blocks B &C New Albion House, Leicester change hands
24 June 2008
MCR Property Group has acquired office buildings for £9.7 million
MCR Property Group has acquired the freehold interest of Blocks B & C, New Albion House, Leicester, from Friend’s Provident Life Assurance Ltd (c/o F&C Asset Management plc) for £9.7 million reflecting a net initial yield of 7.39%.
The property comprises two interlinked brick built office buildings constructed in 1998 designed on ground and three upper floors with parking for some 44 cars (1:1,408 ft²). The buildings extend to 61,959 ft² (5,756.19 m²).
The property is let in its entirety on two leases to British Telecommunications plc for a term of 20 years from 25 March 1998 and expiring 25 March 2018 (10.15 years unexpired) on a full, repairing and insuring basis. The current rent passing is £308,773 pa (Block B) and £449,342 pa (Block C) giving a total rental income of £758,115 pa (£12.23 ft² - £131.70 m² overall). The rent is subject to 5 yearly upwards only rent reviews, with an outstanding rent review from 25th March 2008.
King Sturge advised Friend’s Provident Life Assurance Ltd while Michael Elliot acted for MCR Property Group.
