Greater London Fund acquires Windsor investment from Friends Provident
24 June 2008
Gainsborough House sold for £6.85 million
Greater London Fund (c/o AXA REIM and IVG Limited) has acquired the freehold interest in Gainsborough House, Windsor from Friend’s Provident Life Assurance Ltd (c/o F&C Asset Management plc) for £6.85 million reflecting a net initial yield of 7.08%.
The property comprises a four storey, brick-built office building constructed in 1987 and subsequently refurbished in 2002. The building provides 18,602 ft² (1,728.15 m²) of accommodation arranged around a central core with the upper floors separated into two wings. There is secure basement car parking for 21 cars (1:885 ft²).
The property is let in its entirety to AWG Business Centres Limited and guaranteed by AWG Group Limited for a term of 25 years from 1 December 1986 with a 5 year reversionary lease resulting in a 30th November 2016 expiry (8¾ years unexpired). The current passing rent is £512,834 pa (£27.57 ft² - £296.75 m² overall), which is subject to five yearly upwards only rent reviews, the next being 1 December 2011. The property is wholly sub-let to Regus South Limited (guaranteed by Regus G Limited) for the remainder of the term.
King Sturge advised Friend’s Provident Life Assurance Ltd while Knight Frank acted for Greater London Fund.
