LaSalle completes purchase of Stockley Park office scheme

£21.8m office building produces net initial yield of 8.82%

Article posted: 30 Nov 2011

LaSalle Investment Management has completed the purchase of office space in Stockley Park, Uxbridge at 3 Furzeground Way for approximately £21.8 million, reflecting a net initial yield of 8.82%.

The refurbished 77,827 sq ft Grade A office building is located within Stockley Park, one of the UK’s premier business parks, which provides over 1.74 million sq ft of Grade A office accommodation in 26 office buildings.

It is set within 450 acres of landscaped parkland a short distance from Heathrow, with access via the M4 and M25. Stockley Park’s amenities include a winebar, gym, restaurant and nursery, and the Park has a dedicated championship golf course and country park.

3 Furzeground Way currently has a number of high profile tenants, including IBM United Kingdom, Toshiba of Europe, Toshiba International Finance (UK), Otsuka Pharmaceuticals (UK), Havi Global Solutions Europe, Nobel Biocare UK and The Canadian High Commission. Other occupiers at the Park include Regus, Sharp Electronics, Apple Computers and Canon Europe.

Nneka Ejindu, Asset Manager at LaSalle said: “This latest purchase represents an excellent addition to the portfolio. The property provides high-quality, refurbished office space that is well-let to an excellent mix of high profile tenants. The property is superbly located on a premier South East business park, which has traditionally attracted reputable international companies.

“The building is well placed to benefit from strengthening occupational market and provides a good opportunity to generate value for our institutional investors.”

Jack Stacy at Invista said: “The disposal follows successful completion of asset management initiatives which led to good investor demand and an attractive sale price.”

LaSalle was advised by Jones Lang LaSalle. The vendor Invista was advised by CBRE.

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Posted by Jo