Building 1100, ThealeProperty:Good quality Grade B offices
Area:33,000 sq ft
Purchase Price:c. £8.9m
Claymore Role:Acquisition, Asset Management
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Acting on behalf of Gulf based private investors, Claymore acquired this Core-Plus 33,000 sq ft office investment in March 2015 for c£8.9m, reflecting a net initial yield of 8.3% pa (£286 psf).
The property is fully air-conditioned, with good car parking and located in a strong Thames Valley location close to J12, M4 on the Arlington Business Park, approximately 2 miles from Reading. It was let to KPMG, as its main South-eastern regional hub, for 5 years remaining.
Due diligence revealed that the tenant was committed to the building having recently invested heavily in its refurbishment. The business plan assumed capital value enhancement through realising rental growth or extending the lease length.