Serviced Office Group offloads Teddington business centre
Sale coincides with expansion at Hanover Square and new offices in Gloucestershire
Article posted: 16 May 2011
Serviced Office Group has sold its serviced offices in Teddington, Middlesex, for £3.9m at a profit of £0.5m after costs.
The offices at Somerset House are in a quiet residential area and the property has been sold with permission to convert the building to residential use. Existing Somerset House tenants will presumably be relocated to nearby serviced offices in Kingston, Chiswick or Hayes.
Separately, Serviced Office Group recently announced the expansion of its business centre in Hanover Square with the opening of a new floor providing up to 115 workstations and last week the company opened a new business centre providing flexible office space in Gloucestershire, in the town of Stroud.
Commenting on the sale, Michael Kingshott, the chairman of Serviced Office, said: “The sale of our Teddington property follows a successful application for planning permission for conversion into residential accommodation. Receipt of this permission, and subsequent sale of the property, is in line with the company's strategy for this building.
“The re-fit of the second floor in Hanover Square was undertaken in record time and is testament to the skills we have been developing over the last year. The re-fit has been carried out to a high specification providing high quality fully serviced offices. These two transactions, and breaking the 5,000 work station threshold, represent an excellent step forward for the company. We continue to seek new opportunities to manage properties as serviced offices and re-fit projects to undertake on behalf of landlords or leaseholders.”
Posted by Jo