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Emma Lingwood

Hurst Warne acquires £11m investment in Farnborough from Travis Perkins

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Travis Perkins Properties Limited have sold their long leasehold interest in a site occupied by Dunelm and Wickes on Invincible Road, Farnborough.  Since their acquisition of the site in early 2015, Travis Perkins Properties Limited have totally refurbished the scheme. Wickes have downsized from their previous occupation and the surplus of approximately 19,000 sq. ft has been let to Dunelm (Soft Furnishings) Limited on a 10 year lease, with circa 8.5 years remaining at the time of sale. The other unit,  of approximately 20,000 sq. ft,  has been let to Travis Perkins’ subsidiary, Wickes Building Supplies Limited, who have re-committed to the location on a new 20 year lease from the date of sale with a tenant break at year 10.

Hurst Warne were appointed by their long standing client to advise on a number of key asset management roles. Hurst Warne agreed terms for the new letting to Wickes, arranged all necessary acquisition reports and negotiated terms for the acquisition of  the Travis Perkins long leasehold interest. The asset was acquired by clients of Hurst Warne for a price of £11 million, reflecting a net initial yield of 5.5%. Hurst Warne’s property management team are now managing the estate on behalf of the buyer.

ESH advised Travis Perkins Properties Limited on the sale. Hurst Warne advised the buyer on all property related matters with regard to the purchase.

Commenting on the purchase, Peter Richards, Director of Hurst Warne said:

“This was a complicated yet exciting off market acquisition for Hurst Warne. We were able to draw upon the breadth of professional skills within our business to  best advise our client on all aspects relating to this purchase.  Our client now owns an investment which is situated in a prime retail and trade location within the  principle commercial and residential hub of the Blackwater Valley.”

For further information contact peter.richards@hurstwarne.co.uk 07803 078011

Note;

Hurst Warne are one of the leading commercial property agents and Chartered Surveyors in the South East with a network of five offices in Woking, Farnborough, Leatherhead, Guildford and Redhill.

18 January 2019

www.hurstwarne.co.uk

Focus On Development Opportunities Winter 2018

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We have pleasure enclosing our latest ‘Focus On’ update, highlighting Development Opportunities we are currently marketing as well as sites we have recently sold.

If you or your company currently have a site you are considering selling or you could be interested in purchasing any of the sites mentioned, please do not hesitate to make contact with the relevant Hurst Warne office.

Focus on HW Development Opportunities Winter 2018

Hurst Warne Hires Well Known South East Office Agent Simon Fitch

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Well known office agent Simon Fitch is joining Hurst Warne as a Director, having previously held a senior role in BNP Paribas Real Estates’ south-east office agency team.

Simon is a highly regarded figure in the south-east office agency market with nearly 20 years’ property experience. Simon’s initial focus will be to work alongside his agency colleagues at Hurst Warne to target new opportunities for the company in the southern M25 and M3 area.

Will Gelder, Director at Hurst Warne, comments “We are delighted that Simon has agreed to join Hurst Warne. He has an impressive track record in the office agency market within and outside of our current region. Simon will be a valuable addition to the business and we look forward to him assisting us with our growth plans as a company. We provide a wide spectrum of property advice to our clients and Simon will be free to use his skills in other agency sectors including development and investment.”

Simon starts with Hurst Warne in September 2018.

Press-Release-Simon-Fitch-1

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