Rockspring Property Investment Managers has acquired the Verulam Point modern office building in St Albans, about 35 km north of London, for £17.9 mln (EUR 26 mln). The property was purchased on behalf of Rockspring Hanover Property Unit Trust from The Church Commissioners, for a 5.49% net initial yield.
Rockspring Property Investment Managers has acquired the Verulam Point modern office building in St Albans, about 35 km north of London, for £17.9 mln (EUR 26 mln). The property was purchased on behalf of Rockspring Hanover Property Unit Trust from The Church Commissioners, for a 5.49% net initial yield.
The building, which is located adjacent to the city's railway station, was constructed in 1991, and comprises 4,900 m2 (52,491 sq ft) of office accommodation and a car parking lot. The office is let to a number of tenants including Orange, Clydesdale Bank and ARC. Average rents come to £19.76 per sq ft. 'We believe that the property has excellent rental growth prospects', Rockspring's Phil Sturdy said.