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Investment

Kennedy Wilson Europe dispose of Frimley office investment to Surrey Heath Borough Council

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Kennedy Wilson Europe have sold Theta, their multi-let office investment, to Surrey Heath Borough Council. Theta is located adjacent to junction 4 of the M3 motorway at Frimley.

The offices are let to Surrey and Borders Partnership NHS Foundation Trust, Amer Sports and Zoggs International. There is also a vacant suite which is available for let.

Hurst Warne advised Surrey Heath on the purchase and CBRE acted for Kennedy Wilson Europe.

Peter Richards, Director at Hurst Warne said “Over the last few years Hurst Warne has advised Surrey Heath on a number of strategic local property investment purchases within their Borough. These have all been in the industrial/warehouse sector. Surrey Heath were keen to spread their investment holdings across other asset classes.  Theta is one of the best out of town offices within the Frimley/Camberley area so when it was offered for sale, we identified this as another strategic investment opportunity for the Council.”

Karen Whelan, Chief Executive, Surrey Heath Borough Council said; “We are very pleased to have secured this office building in Frimley.  This purchase forms part of SHBC’s wider property investment strategy, which has been put in place to protect council services after the withdrawal of Government funding for local authorities.  This building is situated in a key site in our borough and will generate an important revenue stream for our vital services. As is the case for all our investments, we have taken advice from a number of independent experts to ensure this property represents a sound long-term investment.”

Hurst Warne are appointed as letting agents for the vacant suite and have also been appointed as managing agents for the building.

For further information contact; Peter Richards @ Hurst Warne on 07803 078011 peter.richards@hurstwarne.co.uk

Theta Press Release March 2019

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