UK REIT British Land has purchased the 18,400-m[sup]2[/sup] Grenfell Island mixed-use scheme in Maidenhead town centre, England. The investment volume of £74 mln (EUR 82 mln) reflects a net initial yield of 7.5%.
UK REIT British Land has purchased the 18,400-m2 Grenfell Island mixed-use scheme in Maidenhead town centre, England. The investment volume of £74 mln (EUR 82 mln) reflects a net initial yield of 7.5%.
The property comprises 10,500 m2 of office space let to Hutchison 3G UK, as the UK headquarters of global telecommunications and data services provider Hutchison Whampoa. The unexpired lease term is 9.5 years.
There is an additional 7,900 m2 of leisure accommodation, anchored by a 10-screen Odeon cinema and health club, in an adjoining building.
The weighted average lease length for the entire property is 10.7 years.
Knight Frank represented British Land and Lambert Smith Hampton acted for the unnamed private vendor.
