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Hurst Warne announce £17.5 million investment Sale of Form 1 and 2

By November 23, 2022November 24th, 2022Office Agency, Sale

Acting for Kennedy Wilson alongside joint agents Knight Frank, commercial property practice Hurst Warne have completed the sale of Form 1 & 2 on Bartley Wood Business Park, Hook, to Praxis (Holdings) Limited.

Form 1 and 2 comprise two Grade A, multi-let office buildings totalling 120,162 sq ft and situated on a freehold site of 5.2 acres,

The sale completed in July 2022 for £17,500,000 which reflected a Net Initial Yield of 10.29%.

A major part of the marketing process was being able to sell the building, location, and occupier market to potential purchasers. Hurst Warne had been leasing agents on the building for 8 years and were considered as being ideally placed to provide an intimate level of building and market knowledge, which was critical given the office buildings were partly vacant in a challenging occupational market.

Hurst Warne generated a variety of interest from local and regional purchasers and were present at all key inspections.

Simon Fitch – Director at Hurst Warne, who worked on the sale, comments, “We are delighted to have achieved such a great result for Kennedy Wilson in what’s been a difficult market. The whole process ran very smoothly and in Praxis, Form 1 and 2 have a purchaser who will help take the buildings on to the next level. It was a pleasure to work with our joint agent at Knight Frank and the excellent result was undoubtedly down to a seamless team effort”.