Edinburgh, 2015-12-16 — /EPR Retail News/ — Ediston Real Estate and Europa Capital have acquired a significant office investment at Cathedral Hill, Guildford for a purchase price of approximately £40 million reflecting a net initial yield of 8.05%.
Buildings 1000 and 2000 Cathedral Hill comprise 120,460 sq. feet of modern office accommodation. Built in 2001, the property is located adjacent to Guildford Business Park and prominently fronts the A3 dual carriageway. The Property is currently let to Avaya on co-terminous leases expiring in August 2016. Sub-tenants within the property include Coutts, RBS and Enstar Group. The property was sold by M&G Real Estate.
Andy McKinlay, Director at Ediston Real Estate added, “The purchase of this South East investment is the fifteenth property we have acquired within our joint venture vehicles with Europa and comes on the back of the success in acquiring, refurbishing and selling similar assets in regional locations over the past five years. We are delighted to have the continued backing of Europa in the execution of our strategy to buy well located assets with value add potential.”
Robert Sim, Partner at Europa Capital commented, “The investment provides an opportunity for Europa to acquire a landmark office building in a well connected and popular office location. Furthermore, there is likely to be an opportunity to improve the accommodation, which should result in the creation of an institutional grade office investment.”
Agents: Capita and Allsop acted for Ediston/Europa. Knight Frank acted for the vendor.
SOURCE: Ediston Real Estate
Ediston Real Estate, 39 George Street, Edinburgh, EH2 2HN
Tel: 0131 225 5599