Standard Life Investments sell Woking office park

Genesis Business Park acquired by Highcross for £13m

Article posted: 20 Jan 2011

Highcross has acquired the Genesis Business Park, Woking from Standard Life Investments in a £13m deal reflecting a 12.5% initial yield.

The property is located in Sheerwater, Surrey, and provides around 100,000 sq ft of office space in Woking located in the main out-of-town office location. The accommodation is spread across eight buildings with tenants including ISS Ltd, McLaren and Virgin Media.

Developed in the late 1980s, the property is Woking’s premier out-of-town office park and offers local and national occupiers their own self-contained units with an excellent car parking provision.

Henry Fry of Highcross Investment team commented: “This acquisition fits well into our strategy. Genesis offers an attractive yield profile with the opportunity to generate decent medium-term returns through refurbishment, re-letting and lease re-gears."

DTZ advised Highcross on the acquisition and Savills acted for Standard Life Investments.

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Posted by Jeni