Rockspring acquires portfolio of offices in Surrey

South East office portfolio part of St Martins £740m Project Blue sale

Article posted: 26 Feb 2011

Rockspring Property Investment Managers has purchased a portfolio of offices in Surrey from St Martins for almost £48m, reflecting a net initial yield of 8.81%. The purchases were made on behalf of the Rockspring UK Value Fund.

The portfolio comprises five assets totalling in excess of 252,000 sq ft of office space in Surrey with a net rental income of £4.79m per annum. Multi-let to tenants which include Reed Exhibitions and Clydesdale Bank the five offices are in Richmond, Kingston, Guildford and Crawley.

As reported in January in Office Space News, F&C Reit also took an interest in part of St Martins office portfolio and was thought to have placed under offer several of the regional properties for around £60m from the selection of offices in Bristol, Birmingham, Manchester, Harrogate, Leeds, Edinburgh, Windsor and Glasgow.

In October last year Rockspring completed on the purchase of Highbridge Park in Uxbridge for £5m. The site, named Toyon (pictured), is being redeveloped to provide 80,000 sq ft of office space in West London in one of the area’s only speculative office developments in recent times.

Around the same time, in a joint venture with Exton Estates, Rockspring acquired a site in Surrey which has planning consent for 130,000 sq ft offices in Weybridge and in January this year Rockspring purchased a speculative redevelopment scheme comprising 61,000 sq ft of office space in the City of London with its acquisition of Centurion House for £22.05m.

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Posted by Jenni