Friends Provident sells Reigate office investment
25 June 2008
Greater London Fund acquired 45 London Road for £6.6 million
Greater London Fund (c/o AXA REIM and IVG Limited) has acquired the freehold interest of 45 London Road, Reigate from Friend’s Provident Life Assurance Ltd (c/o F&C Asset Management plc) for £6.6 million reflecting a net initial yield of 6.91%.
The property comprises a self-contained office building developed in 2003 with ground level and basement parking for 57 cars (1:327ft2). The building extends to 19,283 ft² (1,791.43 m²) arranged over four floors.
The property is let in its entirety to Crest Nicholson Operations Limited on a full repairing and insuring lease commencing 9 December 2004 and expiring in 8 December 2019 (11¾ years unexpired). The current passing rent is £482,075 pa (£25.00 ft² - £269.10 m² overall) and subject to five yearly upwards only rent reviews, the next being 9th December 2009.
King Sturge advised Friend’s Provident Life Assurance Ltd while Knight Frank acted for Greater London Fund.
